Under the AML/CTF Act, a reporting entity must report a transfer of physical cash of at least what amount?
Correct Answer
D) $10,000
A threshold transaction report must be lodged with AUSTRAC for each transfer of physical cash of $10,000 or more, within 10 business days. The threshold applies to each transaction; cash deliberately split into smaller amounts to avoid it is structuring, which is an offence and should be reported as a suspicious matter.
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