The Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2017 has deleted Items 51 and 53 of Table 1 in subsection 6(2) of the AML/CTF Act relating to collecting, holding or delivering physical currency from the list of designated services.

Accordingly from 3 April 2018, businesses providing cash-in-transit and insurance services (except motor vehicle dealers) will no longer have compliance and reporting obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and the Financial Transaction Reports Act 1988 for those services. This includes not having to enrol with AUSTRAC or report transactions and suspicious matter reports.

Businesses which provides cash-in-transit, insurance or other designated services, need to update their enrolment details with AUSTRAC to ensure only designated services are included in their enrolment.

All cash-in-transit and general insurers and insurance intermediaries must continue to report threshold transaction reports and suspicious matter reports for all transactions up to 3 April 2018.