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Supervision of transactions

Large cash transactions are monitored by banks and other ADIs to protect against money laundering and other crimes under the Financial Transaction 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.

Supervision of transactions  :  Last Revised: Mon Sep 17th 2018
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.