Customs has reviewed how Border Cash Reports (BCR) are processed, to ensure that individuals and financial institutions comply with anti-money laundering and countering financing of terrorism legislation.
Customs has determined that the intent of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 is for the beneficial owner to complete and submit the BCR form to Customs.
A representative of the individual or the company that owns the unaccompanied cash, cheque or other bearer negotiable instruments must complete a BCR. They are also responsible for forwarding the BCR report to their broker/customs agent to be attached to the related trade entry. Cash, cheques or other BNI moved through any other means are also required to have a BCR submitted.
From 1 October 2021, Customs will no longer accept BCR forms completed by cash transporters moving cash on behalf of their client. |