The plan to ban $10K is here – Now What?
Australian 10K Cash Ban
In an attempt to reduce the use of cash in the Australian economy and the risk money laundering, bill known as the “Currency (Restrictions on the Use of Cash) Bill 2019” has now been passed. The new legislation puts in place restrictions on the use of cash or cash-like products within the Australian economy. The Act imposes criminal offences if an entity makes or accepts cash payments in circumstances that breach these restrictions. The Act also sets out rules for what happens when an entity that is not a legal person commits the offences. ”
The bill is bound to have some impact to your business, but have you considered how you can ease the pain and get your house in order to address? We have given it some thought and come up with three actionable items to help!
- Firstly, read the bill!https://www.aph.gov.au/Parliamentary_Business/Bills_LEGislation/Bills_Search_Results/Result?bId=r6418
- Have you reviewed your threshold transaction reporting levels -its time to refresh that $10K threshold and think more strategically to mitigate any potential structuring risk .
- Have you updated all employees and internal policy /procedure where cash limits are referenced? Training, education and awareness is key!
- Have you thought about how you are going to update your customers and pre-empt those difficult conversations? Notifications via your website and internet banking will help and if applicable a branch marketing campaign! Lets be proactive not reactive!