The simplest way to remember it: a TTR is about a number, and an SMR is about a judgement. One is triggered by the size and type of a transaction, the other by what you suspect.
| When | What happens |
|---|---|
| Cash ≥ AUD 10,000 | trigger: a threshold is met |
| Suspicion of a crime | trigger: your judgement, any amount |
| TTR | threshold report |
| SMR | suspicious matter report |
| AUSTRAC | receives both |
Two reporting paths to AUSTRAC. A cash transaction of AUD 10,000 or more triggers a Threshold Transaction Report automatically. A suspicion that a customer or transaction relates to a crime triggers a Suspicious Matter Report at any amount.
A threshold triggers a TTR automatically; a suspicion triggers an SMR regardless of amount. Both are lodged with AUSTRAC.
Side by side
| TTR | SMR | |
|---|---|---|
| Full name | Threshold Transaction Report | Suspicious Matter Report |
| Trigger | Cash transaction of AUD 10,000 or more | A suspicion a customer or transaction relates to a crime |
| Amount | Fixed threshold | Any amount |
| Based on | An objective rule | Your reasonable judgement |
| Confidential? | Routine report | Yes, tipping off the customer is an offence |
A single situation can require both. A large cash payment might trigger a TTR because of its size, and also an SMR if something about it makes you suspicious. They are separate obligations, not alternatives.
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How MemberCheck helps
MemberCheck keeps a complete, exportable record of screening and decisions for every customer, which supports the due-diligence and record-keeping that sits behind AUSTRAC reporting. Reports themselves are lodged with AUSTRAC directly.