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What is AUSTRAC | Australian Transaction Reports and Analysis Center
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Australian Transaction Reports and Analysis Centre is an Australian government financial intelligence agency responsible for monitoring financial transactions to identify money laundering, organised crime, tax evasion and terrorist financing.

Banks submit compliance report to AUSTRAC each year that includes questions about how they met their AML/CTF obligations.

Banks must submit a TTR to AUSTRAC for each individual cash transaction of AU$ 10,000 or more. If you suspect your customer is structuring their transactions to avoid the TTR reporting threshold, or is transacting with proceeds of crime, you must submit a suspicious matter report (SMR) to AUSTRAC.

Source: www.austrac.gov.au/


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