News & Security Advice

AUSTRAC – Reporting obligation ceases for Cash in Transit

From 3 April 2018, businesses providing cash-in-transit will no longer have obligations under the AML/CTF Act and the FTR Act.

Cash in Transit providers have been required to be registered as a reporting entity and submit Threshold Transaction Reports (TTRs) and collect significant information relating to knowing your client (KYC), and the reporting of suspicious transactions. The reporting obligation has been removed as it was considered to be a duplication of transaction reporting.

TTRs will be required for cash carrying services provided up to and including 2 April 2018 and have until 16 April to finalise the reporting of TTRs for cash carrying services.

After the 16 April 2018, AUSTRAC will remove the registered Cash in Transit businesses from the Reporting Entity Roll.

For more information   AUSTRAC