Suspicious matter, threshold, and IFTI reporting to AUSTRAC
Lodge SMRs, TTRs ($10K+ cash), and IFTI reports via AUSTRAC Online.
Who must comply
All AUSTRAC reporting entities.
What triggers it
Forming a suspicion (SMR), $10K+ cash transaction (TTR), or instructing/receiving an international funds transfer (IFTI).
When due
SMR: 3 business days (24h terrorism). TTR & IFTI: 10 business days.
Evidence required
AUSTRAC Online submission receipts, transaction records, suspicion-formation file note.
Max penalty
Civil penalties of up to $36.4M (body corporate) or $7.28M (individual), maximum per contravention; tipping off is a separate criminal offence (up to 2 years imprisonment and/or 120 penalty units, $43,680)
Who must comply with this? The applicability test by industry, business structure and size.
Summary
Reporting entities must lodge: Suspicious Matter Reports (SMRs) within 3 business days of forming a suspicion (24 hours for terrorism financing), Threshold Transaction Reports (TTRs) within 10 business days for cash transactions ≥AUD 10,000, and International Funds Transfer Instruction (IFTI) reports within 10 business days. Reports are filed via AUSTRAC Online using XML-conformant uploads.
Enforced by
Source legislation
Topics
Related
- CWLTHMaintain a written AML/CTF programEvery reporting entity needs a documented AML/CTF program — an ML/TF risk assessment plus AML/CTF policies.
- CWLTHEnrol with AUSTRAC as a reporting entityTranche 2 entities must enrol with AUSTRAC within 28 days of first providing a designated service (29 July 2026 for services from 1 July 2026).
- CWLTHDesignate an AML/CTF Compliance OfficerReporting entities must designate an eligible AML/CTF compliance officer at management level and notify AUSTRAC.
- CWLTHDetect + enhance due diligence on Domestic + Foreign PEPsAML/CTF Rules require detection + EDD on Politically Exposed Persons (foreign + domestic + international organisation).
- CWLTHCustomer due diligence (KYC) on every customerIdentify and verify every customer (and beneficial owner) before providing a designated service.
- CWLTHIndependent review of AML/CTF programReporting entities must have their whole AML/CTF program independently evaluated at least once every 3 years.
Frequently asked questions
- Who must comply with Suspicious matter, threshold, and IFTI reporting to AUSTRAC?
- All AUSTRAC reporting entities.
- What triggers Suspicious matter, threshold, and IFTI reporting to AUSTRAC?
- Forming a suspicion (SMR), $10K+ cash transaction (TTR), or instructing/receiving an international funds transfer (IFTI).
- When is Suspicious matter, threshold, and IFTI reporting to AUSTRAC due?
- SMR: 3 business days (24h terrorism). TTR & IFTI: 10 business days.
- What is the maximum penalty for Suspicious matter, threshold, and IFTI reporting to AUSTRAC?
- Civil penalties of up to $36.4M (body corporate) or $7.28M (individual), maximum per contravention; tipping off is a separate criminal offence (up to 2 years imprisonment and/or 120 penalty units, $43,680)
- What evidence is required for Suspicious matter, threshold, and IFTI reporting to AUSTRAC?
- AUSTRAC Online submission receipts, transaction records, suspicion-formation file note.
Source: https://austrac.gov.au/business/how-comply-and-report-guidance-and-resources/reporting. Rules Mate is not a law firm. Always verify against the live regulator source before acting.