Enforcement
One prominent attempted evasion of the AUSTRAC rules took place ahead of the Dutch takeover of TNT (see TNT N.V.) in 1999. Simon Hannes was an executive at Macquarie Bank which was advising TNT, and he bought about $90,000 of TNT call options under the name "Mark Booth" to profit when the bid was announced. He was convicted of insider trading but also of two offences under the Financial Transactions Reports Act since he had made multiple cash withdrawals and deposits each just under the $10,000 threshold, apparently to avoid that reporting. His sentence for those transactions was 4 months jail.
Read more about this topic: Australian Transaction Reports And Analysis Centre