Commonwealth Consolidated Acts

FINANCIAL TRANSACTION REPORTS ACT 1988 - SECT 10

             (1)  A significant cash transaction is eligible for exemption if:

                     (a)  the transaction is between a financial institution and another financial institution; or

                     (b)  the transaction is between a cash dealer (not being a financial institution) and a financial institution.

             (2)  A significant cash transaction is also eligible for exemption if:

                     (a)  the transaction is between a financial institution and another person (in this subsection called the customer );

                     (b)  the customer is, at the time when the transaction takes place, an established customer of the institution;

                     (c)  the transaction consists of a deposit into, or a withdrawal from, an account maintained by the customer with the institution;

                     (d)  the customer carries on:

                              (i)  a retail business (other than a business that includes the selling of vehicles, vessels, farm machinery or aircraft);

                             (ii)  a business declared by the Minister, by notice in writing published in the Gazette , to be an entertainment business or a hospitality business for the purposes of this Act; or

                            (iii)  a business of providing vending machines;

                     (e)  the account is maintained for the purposes of that business; and

                      (f)  the amount of currency involved in the transaction does not exceed an amount that is reasonably commensurate with the lawful business activities of the customer.

             (3)  A significant cash transaction is also eligible for exemption if:

                     (a)  the transaction is between a financial institution and another person (in this subsection called the customer );

                     (b)  the customer is, at the time when the transaction takes place, an established customer of the institution;

                     (c)  the transaction consists of a withdrawal from an account maintained by the customer with the institution;

                     (d)  the withdrawal is made for pay‑roll purposes;

                     (e)  the customer regularly withdraws, from that account, currency of a value not less than $10,000 to pay the customer's staff and employees; and

                      (f)  the amount of currency involved in the transaction does not exceed an amount that is reasonably commensurate with the lawful business activities of the customer.

             (4)  A significant cash transaction to which a financial institution is a party is also eligible for exemption if:

                     (a)  the other party to the transaction is a public authority; and

                     (b)  the amount of currency involved in the transaction does not exceed an amount that is reasonably commensurate with the authorised activities of the authority.

             (5)  A significant cash transaction is also eligible for exemption if it is declared by the Minister, by notice in writing published in the Gazette , to be eligible for exemption for the purposes of this Act.

             (6)  Where:

                     (a)  a person (in this subsection called the customer ) has closed an account with a financial institution (in this subsection called the transferor institution ) and transferred the money that stood to the credit of that account to an account held by the person with another financial institution (in this subsection called the transferee institution ); and

                     (b)  a significant cash transaction is conducted through the account held with the transferee institution at a time when the customer is not an established customer of the transferee institution;

the transaction is eligible for exemption if:

                     (c)  the transaction would, if the customer were an established customer of the transferee institution at that time, be eligible for exemption under another subsection of this section;

                     (d)  transactions falling within a particular class and conducted through the account held with the transferor institution were exempt transactions immediately before that account was closed; and

                     (e)  either:

                              (i)  the transaction is a transaction that would, had it been conducted through the account held with the transferor institution, have fallen within that class; or

                             (ii)  the customer has been a customer of the transferee institution for not less than 3 months immediately preceding that time.