Are Threshold Transaction Reports(TTR) for cash payments of $10,000 or more handled in easyAML?
Yes, the platform notes cash transactions of AUD $10,000 or more and prompts the Compliance Officer to lodge a TTR.
Yes. The platform detects when a transaction crosses the AUD $10,000 threshold and prompts the user to lodge a Threshold Transaction Report(TTR). The CO completes and submits the TTR which can then be inputted to AUSTRAC
What triggers a TTR:
- The customer physically transacts $10,000 or more in physical cash with you in a single transaction.
- This includes paying a deposit, settlement amount, professional fees, bond, or any other amount in cash in relation to a designated service, directly to the reporting entity.
What does not trigger a TTR for you:
- Funds wired directly into your trust account by the customer's bank. That's the bank's TTR obligation (banks are Tranche 1 reporting entities and have been monitoring cash deposits since 2006).
- Payments by cheque, EFT, BPAY or card.
- Multiple smaller cash transactions relating to different transactions unless they appear to be structured to avoid the threshold - structuring is a separate red flag that typically triggers an SMR, not a TTR.
Lodgement deadline: within 10 business days of the cash transaction.
See AUSTRAC's Threshold transaction reports page.
For the customer-facing summary covering when cash reporting applies, what counts as cash, the banking-system carve-out, and how to ask customers about source of funds without causing offence, see HubSpot KB: https://knowledge.easyaml.com/do-i-need-to-report-cash-transactions-over-10000