Large cash transactions are monitored by banks and other ADIs to protect against money laundering and other crimes under the Financial Transactions Reports Act 1988 (Cth) and the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth). Overseas transactions of more than $10,000 must be reported for monitoring by the Australian Transaction Report and Analysis Centre (AUSTRAC). There are also procedures that banks and other ADIs must follow if a transaction seems suspicious.
The content of the Law Handbook is made available as a public service for information purposes only and should not be relied upon as a substitute for legal advice. See Disclaimer for details. For free and confidential legal advice in South Australia call 1300 366 424.