ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 54 Reports about receipts of monetary instruments moved into Australia
ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 54
Reports about receipts of monetary instruments moved into Australia(1) A person commits an offence if:
(a) the person receives one or more monetary instruments moved into Australia to the person; and
(b) at the time of the receipt, the sum of the monetary instrument amounts is $10,000 or more; and
(c) a report in respect of the receipt is not given in accordance with this section.
Penalty: Imprisonment for 2 years or 500 penalty units, or both.
Civil penalty
(2) A person must not receive one or more monetary instruments moved into Australia to the person if:
(a) at the time of the receipt, the sum of the monetary instrument amounts is $10,000 or more; and
(b) a report in respect of the receipt is not given in accordance with this section.
(3) Subsection (2) is a civil penalty provision.
Requirements for reports under this section
(4) A report under this section must:
(a) be in the approved form; and
(b) contain the information specified in the AML/CTF Rules; and
(c) be given to the AUSTRAC CEO, a customs officer or a police officer; and
(d) be given before the end of 5 business days beginning on the day of the receipt.
Note 1: For additional rules about reports, see section 244.
Note 2: See also section 18 (translation of foreign currency to
Australian currency).