AML/CTF Accounting. Reaching the Cash Transaction Threshold

Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws are designed to detect, deter, and disrupt money laundering, terrorism financing, and proliferation financing. The legislation requires businesses that provide a 'Designated Service' to submit a Threshold Transaction Report (TTR) for any transfer of physical currency (cash, bank notes, or coins) valued at $10,000 or more,

In Migration Manager, Matters marked as using a Prescribed Service that receive a total of $10,000 or more in cash receipts will trigger functionality to notify your AML/CTF Compliance Officer of the limit being reached, and advise to submit a Threshold Transaction Report.

For Cash Transaction Threshold functionality to trigger, the Matter must be marked as a Prescribed Service (see: Recording AML/CTF Data against a Migrant Matter).

Entering a Client Fund Receipt

When a Client Fund Receipt is processed where the Payment Method is Cash, Migration Manager will look at all other Cash Transactions for this Matter (both Client Fund Receipts and Office Receipts), and, if this receipt results in a balance is $10,000 or more, AML functionality will Trigger.

In the below example, our Matter already has $7,000 in cash receipts.  Now we process an additional $3,500 in cash receipts.

The following functionality is triggered:

1. A notification popup will appear.

2. An email will be generated to your AML/CTF Compliance Officer, and cc any staff that are assigned to this Matter.

3. A Progress Item will be created to Submit a TTR to AUSTRAC

  • All Staff linked to the Matter, as well as your AML/CTF Compliance Officer will be marked as Responsible to ensure a Threshold Transaction Report (TTR) is processed on time.
  • The Due Date will be set as 10 working days from today.

Entering an Office Receipt

When an Office Receipt is processed where the Payment Method is Cash, the same functionality will occur. Migration Manager will look at all other Cash Transactions for this Matter (both Client Fund Receipts and Office Receipts),  and, if this receipt results in a balance is $10,000 or more, AML functionality will Trigger.

In the below example, our Matter already has $9,995 in cash receipts from the Client Funds tab.  We now process an Office Receipt for $10.

This will trigger the same functionality as described above with Client Fund Receipts:

  1. A notification popup will appear.
  2. An email will be generated to your AML/CTF Compliance Officer, and cc any staff that are assigned to this Matter.
  3. A Progress Item will be created to Submit a TTR to AUSTRAC