New cash rules 'no big deal for advisers'

From November banks and other financial institutions will have to give police customer details for all domestic cash transactions over $10,000 and international cash transactions over $1000.

At the moment they must report only “suspicious” transactions. Last year, there were almost 9000 reports worth $6 billion.

The new rule has raised privacy concerns but Gavin Austin, of compliance firm ABC, said it seemed to be mainly a move to clarify a grey area for the big providers.

“These are new things to make it clear what banks are required to provide,” he said.