[5] The AML/CTF Act came into effect on 12 December 2006,[6] and extended the existing monitoring regime to cover terrorism financing and designated terrorist organisations.

Cross-border movement of bearer negotiable instruments of any amount must also be reported if requested by a Border Force or police officer.

For example, established customers transacting amounts typical of their lawful business, such as for payroll, or retail or vending machine takings, etc.

It's an offence to open or operate an account with a reporting entity under an alias or false name, punishable by a fine or up to 2 years imprisonment.

[14][15] In March 2017, AUSTRAC fined Tabcorp Holdings Limited $45 million for breaches of anti-money laundering and counter-terrorism financing laws.

[16][17] On 3 August 2017, AUSTRAC took action against the Commonwealth Bank alleging that it did not report cash transactions over $10,000 within the required 10 business day period, or at all.

[9] In June 2018, the Commonwealth Bank agreed to pay a $700 million fine to settle the action, with CBA admitting to a host of breaches, including that millions of dollars were laundered through its ATMs by criminals including drug and firearms importers and that CBA failed to properly file more than 53,000 reports to Austrac over cash deposits of more than $10,000 in its ATMs.

[19] A Crown Resorts executive authorised the transfer of $500,000 to a drug trafficker and nightclub operator in January 2017, which was not reported to AUSTRAC for a year.