Suspicious matter, threshold, and IFTI reporting to AUSTRAC

Lodge SMRs, TTRs ($10K+ cash), and IFTI reports via AUSTRAC Online.

criticalcurrentevent drivenCriminal liability

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

Up to 2 years imprisonment for criminal tipping-off; civil penalties up to $33M

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

aml-ctfsmrttriftitipping-off

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.