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 on the AUSTRAC website. Contact can also be made by email to: firstname.lastname@example.org or by phoning their helpline on 1300 021 037.
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.