Prepare a threshold transaction report for physical currency
Key facts
- Human involvement
- RedLawyer-led
- How AI is used
- From the trust ledger and the receipt, build a chronology of notes and coins the practice physically received or paid, with the date, the amount, the currency and the matter. Mark electronic transfers, cheques and card payments as outside the report. List every report field for which the file has no source. The tool writes no part of the report.
- What the lawyer must review
- The practitioner lodges the report. A threshold transaction is a designated service involving the transfer of $10,000 or more in physical currency, including foreign currency of the same value. It is only a transfer of physical currency if the practice receives or pays the notes or coins. A deposit the client makes at a bank, into the firm's account, is the bank's report if the bank took the cash. The report is due within 10 business days after the day of the transaction. A practice that enrolled after 30 March 2026 uses the new form. The practitioner checks the customer, the other parties, the place, the purpose if known, the Australian dollar value and the designated service before lodging.
- Written for / version
- US
Open a jurisdiction version of this task to see which instruments apply: US
Who does what
| Role | What they do |
|---|---|
| Assistance | Supporting preparation only. From the trust ledger and the receipt, build a chronology of notes and coins the practice physically received or paid, with the date, the amount, the currency and the matter. Mark electronic transfers, cheques and card payments as outside the report. List every report field for which the file has no source. The tool writes no part of the report. The tool writes nothing into the document. Substantive advice, judgement and any restricted content remain with the responsible human. |
| Lawyer | Perform the substantive analysis and decisions. Independently check any permitted supporting work and approve the exact output for its intended use. |
Checklist
- Confirm the practice physically took or handed over the notes or coins. A bank deposit, an electronic transfer, a cheque or a card payment is not this report.
- Diary 10 business days from the day the cash moved, not from the day the contract settled.
- Write the report yourself on the form that matches the practice's enrolment date, and check every amount against the receipt.
- Do not add cash amounts that were split below $10,000 into this report unless you have decided they are one transaction. Structuring is a separate suspicion question.
Sources
- AUSTRAC: Threshold transaction reports · 2026-10-22
These are suggested working checks. Confirm the required checking with the responsible lawyer before work starts; the checking approach does not establish permission to use AI.