An American man has been charged after 5.7 million Australian dollars ($5 million) in cash was found in suitcases in a Sydney apartment. Police allege it is one of the biggest cash hauls of crime proceeds in Australian history.

Australian Federal Police Commissioner Tony Negus said Thursday that the 58-year-old U.S. citizen appeared in a Sydney court on Wednesday charged with dealing with the suspected proceeds of crime. The maximum penalty for the charge is three years in prison.

Police have not named the man. Negus says he arrived in Australia from Costa Rica two days before his arrest Saturday at an apartment near Sydney airport.

Police found the Australian currency stuffed into seven suitcases in an apartment where the man was staying. The man denies the money is his.