Guidance Statement No. 14 – Financial reporting which was issued on 10 August 2018 has been withdrawn due to the amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 which came into force on 10 December 2024. These amendments repealed the Financial Transaction Reports Act 1988. The repeal took effect on 7 January 2025.
As from 22 January 2025, solicitors are no longer required to submit reports on significant cash transactions of $10,000 or more through AUSTRAC. However new cash reporting obligations will begin as from 1 July 2026 coming under AUSTRAC regulation following these reforms. For further details of these reforms, please see here.