Reporting to AUSTRAC?

Identitii is conducting a survey to examine the different opinions around what transactions are/are not reportable to AUSTRAC. By participating in the research you're helping the industry to clarify the confusion around reporting obligations.

Here's how it works:
- review each of the five short scenarios below
- let us know if you think these transactions are reportable to AUSTRAC or not, and then
- submit your answers

Survey answers are collected anonymously.
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* 1. Thank you for participating.

Please help us understand which of the following fields you work in:

SCENARIO ONE

This scenario is focused on only Australian accounts and currency.

Information flow:

John is sending $5,000 AUD from his account (at Bank A) to Sarah's account (at Bank B).


Funds flow:
Bank A sends $5,000 AUD from Bank A’s bank account to Sarah's bank account held at Bank B.

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* 2. Would this transaction be reportable as an IFTI for Bank A?

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* 3. Would this transaction be reportable as an IFTI for Bank B?

SCENARIO TWO

Information flow:

Kate is a customer of Bank U (based in the US) and is sending $5,000 USD to James' bank account in the UK (held at Bank E).


Funds flow:
Bank U sends $5,000 USD from their account to James' bank account in the UK (held at Bank E).

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* 4. Would this transaction be reportable as an IFTI for Bank U?

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* 5. Would this transaction be reportable as an IFTI for Bank E?

SCENARIO THREE

Information flow:

Chris is an Australian customer of Bank A. He purchases 10,000 USD at spot from AUD. Chris wishes to have the 10,000 USD sent to Aaron's bank account in the US (held at Bank U).


Funds flow:
Bank A sends 10,000 USD from Bank A’s bank account (based in the US) to Aaron's bank account in the US (held at Bank U).

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* 6. Would this transaction be reportable as an IFTI for Bank A?

SCENARIO FOUR

Information flow:
Anna is an Australian customer of Bank A. She purchases 20,000 USD at spot from AUD. Anna wishes to have the 20,000 USD sent to Mike's bank account in the US (held at Bank U).


Funds flow:
Bank A sends 20,000 USD from Bank A’s USD foreign currency bank account (based in AU) to Bank B. Bank B sends 20,000 USD to Mike's bank account in the US (held at Bank U).

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* 7. Would this transaction be reportable as an IFTI for Bank A?

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* 8. Would this transaction be reportable as an IFTI for Bank B?

SCENARIO FIVE

Information flow:
Ryan receives a 30,000 GBP payment through Bank A (based in AU). The payment was sent from Jane's account in the UK.


Funds flow:
Bank A receives the 30,000 GBP via Bank C. Bank C received the 30,000 GBP via Bank E.

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* 9. Would this transaction be reportable as an IFTI for Bank A?

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* 10. Would this transaction be reportable as an IFTI for Bank C?

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