CREATION
The Cash Transaction Reports Agency (CTRA) commenced in January 1989 as a specialist financial intelligence unit for the compliance with the reporting requirements of the Cash Transaction Reports Act 1988.  This Act was initiated by the Federal Attorney General to assist the Australian Taxation Office and Federal and State law enforcement agencies in the detection of tax evasion and criminal activity, such as money laundering from drug trafficking.

In December 1992, the title of the legislation changed to become the Financial Transaction Reports Act 1988 and as a result, the agency name was also changed to the Australian Reports and Analysis Centre (AUSTRAC).  The amendments to the legislation requires for the reporting of international fund transfer instructions which are not necessarily cash-based.

In December 2006, AUSTRAC was continued in existence with the enactment of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.  The function of AUSTRAC is to be the regulator for the provisions of this legislation, as well as retaining responsibilities under Financial Transactions Reports Act 1988.


FUNCTIONS AND ACTIVITIES
AUSTRAC is Australia’s anti-money laundering regulator and specialist financial intelligence unit.  As part of the regulatory role, AUSTRAC oversees compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, which comes into effect on various dates from 13 December 2006 to 13 December 2008.  The intelligence role provides information to State, Territory and Australian Government law enforcement and social justice and revenue agencies.

The functions of AUSTRAC are to:
 . receive transaction reports as set out in the Financial
   Transactions Reports Act 1988 and the Anti-Money Laundering
   and Counter-Terrorism Financing Act 2006;
 
 . disseminate financial transaction report information to taxation,
   Law enforcement authorities and other agencies authorised to 
   receive such information;

 . retain, compile and analyse the information from those financial
   transaction reports;
 
 . develop and implement the regulations under the Anti-Money 
   Laundering and Counter-Terrorism Financing Act 2006; and

 . regulate the application of, and monitor compliance with, 
   reporting requirements under the legislation and related 
   legislations.


LEGISLATION ADMINISTERED
The Financial Transaction Reports Act 1988 allows for the provision of financial intelligence to law enforcement revenue, national security and social justice agencies.  The Act requires cash dealers, solicitors and members of the public to report particular financial transactions to the Director of AUSTRAC.  There are four types of transactions to be reported:
 1 Significant cash transaction reports - for transactions involving 
   A$10,000 cash or more, or the foreign equivalent.
 2 International funds transfer instructions - for all funds 
   Telegraphically transferred or wired into or out of Australia, 
   regardless of the monetary value.
 3 Suspect transaction reports - reported when a person suspects
   that a transaction may be relevant to investigation of criminal
   offences under Australian Government, State or Territory laws.
 4 International currency transfer reports - when A$10,000 cash or 
   more (or the foreign equivalent) is physically transported into 
   or out of Australia.

The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 add to the functions and activities of AUSTRAC.  The Act:
 - allows for the provision of financial intelligence to law 
   enforcement revenue, national security and social justice 
   agencies;
 - extends reporting requirements to any financial identification 
   procedures for providers of designated services;
 - continues the reporting requirements for transactions under the 
   Financial Transaction Reports Act 1988;
 - extends reporting requirements to cross-boarder movements of 
   bearer negotiable instruments;
 - registration of providers of remittance services;
 - requires reporting entities to implement approved anti-money 
   laundering and counter-terrorism financing programs; and
 - places restrictions on correspondent banking relationships.


ADMINISTRATIVE STRUCTURE
AUSTRAC is part of the Attorney-General’s Department and under the ministerial control of the Minister for Justice and Customs.  At creation, the agency consisted of a Director (statutory appointee) and a staff of qualified professionals in banking, computing, tax and law enforcement.

On the enactment of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, the title of the agency head was changed from Director of AUSTRAC to AUSTRAC CEO, and the function of AUSTRAC being to assist the CEO in the performance of those functions.  There is also an Executive Committee comprising of Executive General Manager, Chief Information officer and five General Managers.


STATE/REGIONAL STRUCTURE
Head office is located in Sydney with smaller offices in Melbourne, Perth, Adelaide, ACT and Brisbane.


HISTORICAL AGENCY ADDRESS
Level 12
Tower A Zenith Centre
Chatswood NSW


CURRENT AGENCY ADDRESS
Level 10
Tower A Zenith Centre
Chatswood  NSW


SOURCES
http://www.austrac.gov.au