An International Funds Transfer Instruction (IFTI) report is required when a reporting entity sends or receives an instruction to transfer money or property between Australia and a foreign country. Most SMEs will never file one — but the path into scope is narrower than people assume.
When an SME might file
- Holding client funds in trust and remitting to a foreign vendor.
- Receiving settlement funds from an overseas buyer for a property transaction.
- Operating a remittance arrangement as part of a broader business.
What to check before assuming you're out
If you ever instruct a bank to send or receive money internationally on a client's behalf, talk to your AMLCO about whether the instruction itself creates an IFTI obligation. The bank will typically file — but the dual-reporting question is fact-specific. Don't assume the bank's filing covers your obligation.