changes to cash transactions of $10,000 or more
23 September 2011
Under current Federal legislation, Bankwest is required to report cash transactions of $10,000 or more (or foreign equivalent), including the details of relevant account holders, to AUSTRAC (the Australian Transaction Reports and Analysis Centre).
From 1 October 2011, new rules are being introduced that will expand Bankwest’s reporting requirements to include details of the individual performing a cash transaction of $10,000 or more (or foreign equivalent) to AUSTRAC. To ensure we continue to meet our regulatory obligations, any Third Party transacting in $10,000 cash or more (or foreign equivalent) will be required to provide information about themselves, which may include their name, current identification and details of any business or company they are acting on behalf of, before the transaction can proceed.
These changes are effective from Saturday 24 September 2011.
For further information, refer to the Australian Bankers' Association Fact Sheet.