AUSTRAC reporting obligations for legal practitioners

10/06/2011

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has released a notice regarding anti-money laundering and counter-terrorism financing reporting obligations for legal practitioners. Under section 15A of the Financial Transaction Reports Act 1988, solicitors, solicitor corporations and partnerships of solicitors have obligations to provide significant cash transaction reports (SCTRs) to AUSTRAC.

The reporting obligation under section 15A is triggered if a significant cash transaction is entered into by or on behalf of a solicitor in the course of practising as a solicitor. A ‘significant cash transaction’ is defined as meaning a cash transaction involving the transfer of currency equivalent to AUD10,000 or more. Download the notice. For further information on the lodgement of SCTRs by solicitors, visit the AUSTRAC web site to view Guideline No.6.

**10 June 2011 **