AUSTRAC releases new video: Cross-Border Cash Reporting obligations for travellers carrying over $10,000
Key Takeaways:
- Mandatory Reporting Threshold: You must declare any physical currency of AUD10,000 or more (or foreign equivalent) when entering or leaving Australia by submitting a Cross-Border Movement – Monetary Instruments (CBM-MI) form.
- Broad Scope of Application: This obligation applies to everyone, including tourists, business travellers, migration agents, and financial service providers carrying cash on their person, in luggage, or via freight.
- Strict Penalties for Non-Compliance: Failing to report can result in the seizure of your funds, significant fines, and investigations by the Australian Border Force and AUSTRAC.
- Immediate Action Required: You must submit the CBM-MI form to a Border Force officer at the point of departure or arrival before you cross the border to avoid legal consequences.
AUSTRAC Releases New Video: Cross-Border Cash Reporting Obligations for Travellers Carrying Over $10,000
If you’re travelling internationally with cash, there are important legal requirements you need to know. AUSTRAC has released a new video explaining how to comply with Australia’s cross-border reporting obligations for travellers carrying AUD10,000 or more (or the foreign currency equivalent) when entering or leaving the country.
This video is part of AUSTRAC’s efforts to increase awareness and help the public understand their legal responsibilities under Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
What Is the Cross-Border Movement – Monetary Instruments (CBM-MI) Reporting Requirement?
If you’re carrying physical currency valued at AUD10,000 or more, you must declare it by submitting a Cross-Border Movement – Monetary Instruments (CBM-MI) form. This applies to:
- Cash carried on your person
- Currency in your luggage (carry-on or checked)
- Funds sent in freight or cargo
Failure to report can lead to penalties, seizure of funds, and investigation by Australian Border Force and AUSTRAC.
👉 Watch the official AUSTRAC video on cross-border cash reporting
Who Must Comply with CBM-MI Reporting?
The obligation applies to a wide range of individuals and entities, including:
- Travellers and tourists carrying large sums of cash
- Businesses engaged in international trade or cash-based transactions
- High-net-worth individuals and family offices managing global funds
- Migration agents, lawyers, accountants and other professionals assisting clients with international travel or money transfers
- Non-bank lenders and financial service providers transporting monetary instruments
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When Must You Report?
You must submit a CBM-MI form:
- Before entering Australia with AUD10,000 or more in currency
- Before departing Australia with the same
- Forms can be submitted directly to a Border Force officer at the airport or point of departure/arrival
You can also read AUSTRAC’s full guidance here:
📘 AUSTRAC – Moving Money Across International Borders
Why Compliance Matters
These obligations are not optional. Cross-border cash movements are closely monitored to prevent money laundering, terrorism financing, and other financial crimes. The AML/CTF Act is enforced by AUSTRAC, and non-compliance can lead to significant legal consequences.
How Click Legal Can Help You Stay Compliant
At Click Legal, we specialise in AML/CTF compliance for:
- Australian Financial Services Licence (AFSL) holders
- Non-bank lenders
- Digital currency exchanges
- Travel-related businesses and professional service providers
We provide expert legal advice and compliance frameworks tailored to your risk profile. If you or your business are involved in moving money across borders — even occasionally — it’s critical to ensure your processes are compliant with AUSTRAC requirements.
✅ We can assist with:
- AML/CTF Program drafting and reviews
- Cross-border risk assessments
- AML/CTF compliance solutions
- Compliance training for staff
- Legal advice on CBM-MI reporting obligations
📩 Contact us for practical legal advice:
📧 hello@clicklegal.com.au
📞 +61 450 502 672
💬 Book your free 30-minute consultation
Click Legal – AML/CTF Lawyers for Financial Services, Non-Bank Lenders, and International Transactions
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