Trust Account News and Updates

 

Reports to AUSTRAC for cash transactions of $10,000 or more

Firms are required under the Financial Transaction Reports Act 1988 to report significant cash transactions of $10,000 or more to AUSTRAC.

Further information relating to the requirements of solicitors can be found in AUSTRAC Guideline No. 6 on the AUSTRAC website at http://www.austrac.gov.au/files/guideline6.pdf  or by phoning their helpline on 1800 021 037. The forms required (Form 15A issued JAN 2004) are available from the Society or can be obtained by contacting AUSTRAC on their helpline number.

Firms must ensure that funds received in cash go through their trust account. It is not acceptable for them to be recorded as money in transit.