From 1 October 2011, new rules will require banks to collect information, record and report on the identity of anyone performing a cash transaction of $10,000 or more to the Australian Transaction Reports and Analysis Centre (AUSTRAC).


The Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) legislation prescribes that all banks are required to meet the new reporting requirements.


The legislation requires banks to collect information about the person at the branch counter who is performing the transaction and the holders of the account involved in the transaction and any business or company the person is representing. 

The person standing at the counter may be asked for details about his/her authority to act on behalf of a person, business or company. This may include providing information such as the business name, Australian Company Number (ACN), Australian Business Number (ABN) and/or the business address.

More information is here