Commonwealth Numbered Acts Commonwealth Numbered Acts(1) A person commits an offence if:
(a) the person receives physical currency moved to the person from outside Australia; and
(b) at the time of the receipt, the total amount of the physical currency is not less than $10,000; and
(c) a report in respect of the movement has not been made in accordance with section 53 before the movement; and
(d) a report in respect of the receipt is not given in accordance with this section before the end of the period of 5 business days beginning on the day of the receipt.
Penalty: Imprisonment for 2 years or 500 penalty units, or both.
(2) Strict liability applies to paragraphs (1)(c) and (d).
Note: For strict liability , see section 6.1 of the Criminal Code .
Civil penalty
(3) A person must not receive physical currency moved to the person from outside Australia if:
(a) at the time of the receipt, the total amount of the physical currency is not less than $10,000; and
(b) a report in respect of the movement has not been made in accordance with section 53 before the movement; and
(c) a report in respect of the receipt is not given in accordance with this section before the end of the period of 5 business days beginning on the day of the receipt.
(4) Subsection (3) is a civil penalty provision.
Requirements for reports under this section
(5) A report under this section must:
(a) be in the approved form; and
(b) contain such information relating to the matter being reported as is specified in the AML/CTF Rules; and
(c) be given to the AUSTRAC CEO, a customs officer or a police officer.
Note 1: For additional rules about reports, see section 244.
Note 2: See also section 18 (translation of foreign currency to Australian currency).