AUSTRAC has updated its guidance on the reporting of threshold transaction reports (TTRs) when a customer conducts multiple cash transactions.

AUSTRAC is providing a 12-month transition period from 1 July 2022 to enable reporting entities to update their systems, procedures and staff training.

Under AUSTRAC’s updated guidance position, reporting entities must submit a TTR to AUSTRAC for each individual cash transaction of A$10,000 or more. When a customer makes multiple cash transactions, each individual transaction is considered to be a separate and distinct designated service. You will no longer be required to combine multiple transactions and submit a combined TTR, even if the transactions occurred closely together.

If you suspect a customer is attempting to split up a larger cash transaction into several smaller transactions (known as ‘structuring’) so it will not be reported, you must submit a suspicious matter report to AUSTRAC.

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