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No. 5 of 2007 Rules/Other as made
This instrument amends the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) to determine Anti-Money Laundering and Counter-Terrorism Financing Rules (AML/CTF Rules) for threshold transaction reportable details.
Administered by: Attorney-General's
Registered 20 Dec 2007
Tabling HistoryDate
Tabled HR12-Feb-2008
Tabled Senate12-Feb-2008
Date of repeal 09 Apr 2013
Repealed by Attorney-General's (Spent and Redundant Instruments) Repeal Regulation 2013

Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2007 (No. 5)

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

I, NEIL J JENSEN, Chief Executive Officer, Australian Transaction Reports and Analysis Centre, make this Instrument under section 229 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

 

Dated 18 December 2007

 

 

 

 

[Signed]

NEIL J JENSEN

Chief Executive Officer
Australian Transaction Reports and Analysis Centre


1              Name of Instrument

                This Instrument is the Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2007 (No. 5).

2              Commencement

                This Instrument commences as follows:

 

               (a)     on the day after it is registered — sections 1, 2 and 3 and Schedule 1;

(b)     on 12 December 2008 — Schedule 2;

(c)     on 1 January 2011 — Schedule 3.

3              Amendment

                Schedules 1, 2 and 3 amend the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1).

Schedule 1                   Amendment

1.                        Schedule 1, heading:

delete

2.                        Schedule 2, heading:

delete

3.                        Schedule 3, heading:

delete

4.            Chapter 15, heading:

               insert

               (Rules commencing on 12 December 2008)

5.            Chapter 16, heading:

               insert

               (Rules commencing on 12 December 2008)

6.            Chapter 17, heading:

               insert

               (Rules commencing on 12 December 2008)

7.            Chapter 18, heading:

               insert

               (Rules commencing on 12 December 2008)


Schedule 2                  Amendment

1.            After Chapter 18

insert:

Chapter 19          Reportable details for threshold transactions

19.1        The Anti-Money Laundering and Counter-Terrorism Financing Rules (Rules) commence on 12 December 2008.

19.2        These Rules are made under section 229 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) for paragraph 43(3)(b) of that Act.

19.3        A report under subsection 43(2) of the AML/CTF Act must contain the following details about a threshold transaction:

(1)     if the customer of the designated service is an individual, the customer's:

(a)        full name;

(b)        date of birth;

(c)        full address (not being a post box address);

(d)        telephone number, if known;

(2)     if the customer of the designated service is not an individual:

(a)        the name of the customer and any business name(s) under which the customer operates;

(b)        a description of the legal form of the customer and any business structure it is a part of, for the purposes of its main business activities, if known (for example: partnership, trust or company);

(c)        the full address of the customer’s principal place of business (not being a post box address) if applicable;

(d)        the full address of the customer’s registered office, if known;

(e)        the ACN, ARBN and/or ABN of the customer, if known;

(f)         the customer’s telephone number, if known;

(3)     the relevant industry or occupation code(s) that applies to the customer’s business or occupation, if known, such as (without limitation):

(a)        the Australian Bureau of Statistics in the Australian and New Zealand Standard Industrial Classification (ANZSIC) 2006 (as amended from time to time); or

(b)        the relevant industry code that applies to the customer’s business as published by the Australian Bureau of Statistics in the Australian Standard Classification of Occupations (ASCO) (as amended from time to time);

(4)     the date of the threshold transaction;

(5)     a description of the designated service provided or commenced to be provided by the reporting entity to the customer which involves the threshold transaction and, where applicable, the following information:

(a)        where a cheque is provided to the customer:

(i)         the name of the drawer;

(ii)        the name of the drawee;

(iii)       the amount of the cheque;

(6)     the total amount of the threshold transaction in Australian dollars;

(7)     all of the following details, as applicable to the threshold transaction:

(a)        where the threshold transaction involves physical currency:

(i)         the total amount in Australian dollars;

(ii)        if the amount involves foreign currency, a description and amount of the currency;

(iii)       the name(s) of the recipient(s);

(iv)       the full address(es) of the recipient(s) (not being a post box address) if known;

(v)        the date(s) of birth of the recipient(s), if known;

(vi)       a description of the purpose of the transfer(s);

(b)               where the threshold transaction involves e-currency:

(i)                  the total amount in Australian dollars;

(ii)        if the amount is denominated in foreign currency, a description and amount of the currency;

(iii)       a description of the e-currency including details of the backing asset or thing, if known;

(iv)       the name(s) of the recipient(s);

(v)        the full address(es) of the recipient(s) (not being a post box address), if known;

(vi)       the date(s) of birth of the recipient(s), if known;

(c)                where the threshold transaction is of a kind specified in the regulations involving money:

(i)                  the total amount in Australian dollars;

(ii)        if the amount involves foreign currency, a description and amount of the currency;

(iii)       a description of the type of specified transaction;

(iv)              the name(s) of the recipient(s);

(v)        the full address(es) of the recipient(s) (not being a post box address), if known;

(vi)       the date(s) of birth of the recipient(s), if known;

(vii)      a description of the purpose of the transfer(s);

(d)               where the threshold transaction is of a kind specified in the regulations involving the transfer of property:

(i)         a description of the type of specified transaction;

(ii)        the value of the transferred property in Australian dollars;

(iii)       if value of the transferred property involves foreign currency, a description and amount of the currency;

(iv)       the name(s) of the recipient(s);

(v)        the full address(es) of the recipient(s) (not being a post box address), if known;

(vi)       the date(s) of birth of the recipient(s), if known;

(vii)      a description of the purpose of the transfer(s);

(8)     a description of any account opened by the reporting entity that involves the threshold transaction including the account’s identifying number;

(9)     the name and, if applicable, identifying number of the reporting entity;

(10)   the name and, if applicable, identifying number of the reporting entity at which the threshold transaction was conducted;

(11)   the address of the reporting entity at which the threshold transaction was conducted;

(12)   any identifying or transaction number assigned to the threshold transaction;

(13)   a description of the reliable and independent documentation and/or electronic data source(s) relied upon to verify the identity of the customer, if applicable.

19.4.       In these Rules the terms ‘ABN’, ‘ACN’ and ‘ARBN’ have the same respective meanings as in the Corporations Act 2001.

 

Reporting entities should note that in relation to activities they undertake to comply with the AML/CTF Act, they will have obligations under the Privacy Act 1988, including the requirement to comply with the National Privacy Principles, even if they would otherwise be exempt from the Privacy Act. For further information about these obligations, please go to http://www.privacy.gov.au or call 1300 363 992.


Schedule 3                   Amendment

1.            (a)     Repeal Chapter 19

 

(b)         After Chapter 18

         insert:

            Chapter 19         Reportable details for threshold transactions

19.1.       The Anti-Money Laundering and Counter-Terrorism Financing Rules (Rules) commence on 1 January 2011.

Note: For obligations and liabilities under the Rules in chapter 19 (commencing on 12 December 2008) as in force on 31 December 2010, see section 8 of the Acts Interpretation Act 1901.

19.2        These Rules are made under section 229 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) for paragraph 43(3)(b) of that Act.

19.3        A report under subsection 43(2) of the AML/CTF Act must contain the following details about a threshold transaction:

(1)     if the customer of the designated service is an individual:

(a)        the customer’s full name;

(b)        the customer’s date of birth;

(c)        the customer’s full address (not being a post box address);

(d)        the customer’s telephone number, if known;

(e)        if the person conducting the threshold transaction is not the customer, the details of the person specified in subparagraph 19.3(14)(a) and if applicable, 19.3(14)(b), of these Rules;

(2)     if the customer of the designated service is not an individual:

(a)        the name of the customer and any business name(s) under which the customer operates;

(b)        a description of the legal form of the customer and any business structure it is a part of, for the purposes of its main business activities, if known (for example: partnership, trust or company);

(c)        the full address of the customer’s principal place of business (not being a post box address), if applicable;

(d)        the full address of the customer’s registered office, if known;

(e)        the ACN, ARBN and/or ABN of the customer, if known;

(f)         the customer’s telephone number, if known;

(g)        the details of the person conducting the threshold transaction specified in subparagraph 19.3(14)(a) and if applicable, 19.3(14)(b), of these Rules;

(3)     the relevant industry or occupation code(s) that applies to the customer’s business or occupation, if known, such as (without limitation):

(a)        the Australian Bureau of Statistics in the Australian and New Zealand Standard Industrial Classification (ANZSIC) 2006 (as amended); or

(b)        the relevant industry code that applies to the customer’s business as published by the Australian Bureau of Statistics in the Australian Standard Classification of Occupations (ASCO) (as amended from time to time);

(4)     the date of the threshold transaction;

(5)     a description of the designated service provided or commenced to be provided by the reporting entity to the customer which involves the threshold transaction and where applicable, the following information:

(a)        where a cheque is provided to the customer:

(i)         the name of the drawer;

(ii)        the name of the drawee;

(iii)       the amount of the cheque;

(6)     the total amount of the threshold transaction in Australian dollars;

(7)     all of the following details, as applicable to the threshold transaction:

(a)        where the threshold transaction involves physical currency:

(i)         the total amount in Australian dollars;

(ii)        if the amount involves foreign currency, a description and amount of the currency;

(iii)       the name(s) of the recipient(s);

(iv)       the full address(es) of the recipient(s) (not being a post box address), if known;

(v)        the date(s) of birth of the recipient(s), if known;

(vi)       a description of the purpose of the transfer(s);

(b)        where the threshold transaction involves e-currency:

(i)         the total amount in Australian dollars;

(ii)        if the amount is denominated in foreign currency, a description and amount of the currency;

(iii)       a description of the e-currency including details of the backing asset or thing, if known;

(iv)       the name(s) of the recipient(s);

(v)        the full address(es) of the recipient(s) (not being a post box address), if known;

(vi)       the date(s) of birth of the recipient(s), if known;

(c)        where the threshold transaction is of a kind specified in the regulations involving money:

(i)         the total amount in Australian dollars;

(ii)        if the amount involves foreign currency, a description and amount of the currency;

(iii)       a description of the type of specified transaction;

(iv)              the name(s) of the recipient(s);

(v)        the full address(es) of the recipient(s) (not being a post box address), if known;

(vi)       the date(s) of birth of the recipient(s), if known;

(vii)      a description of the purpose of the transfer(s);

(d)        where the threshold transaction is of a kind specified in the regulations involving the transfer of property:

(i)         a description of the type of specified transaction;

(ii)        the value of the transferred property in Australian dollars;

(iii)       if value of the transferred property involves foreign currency, a description and amount of the currency;

(iv)       the name(s) of the recipient(s);

(v)        the full address(es) of the recipient(s) (not being a post box address), if known;

(vi)       the date(s) of birth of the recipient(s), if known;

(vii)      a description of the purpose of the transfer(s);

(8)     a description of any account opened by the reporting entity that involves the threshold transaction including the account’s identifying number;

(9)     the name and if applicable, identifying number of the reporting entity;

(10)   the name and if applicable, identifying number of the reporting entity at which the threshold transaction was conducted;

(11)   the address of the reporting entity at which the threshold transaction was conducted;

(12)   any identifying or transaction number assigned to the threshold transaction;

(13)   a description of the reliable and independent documentation and/or electronic data source(s) relied upon to verify the identity of the customer, if applicable;

Person conducting the threshold transaction is not the customer

(14)   if the person conducting the threshold transaction is not the customer:

(a)        if the person conducting the threshold transaction is an individual:

(i)         the person’s full name;

(ii)        the person’s date of birth, if known;

(iii)       the person’s full address (not being a post box address), if known;

(iv)       the person’s telephone number, if known;

(v)        a statement of whether the person is conducting the threshold transaction on behalf of another person who is the customer of the reporting entity;

(vi)       a description of evidence of agency authorisation of the person, if any and known;

(vii)      the person’s occupation, business or principal activity, if known;

(b)        if the person conducting the threshold transaction is acting on behalf of a non-individual entity:

(i)         the full name of the entity and any business name(s) under which this entity operates, if known;

(ii)        a description of the legal form of this entity and any business structure it is a part of, for the purposes of its main business activities, if known (for example: partnership, trust or company);

(iii)       the full address of the entity’s principal place of business (not being a post box address), if known;

(iv)       the full address of the entity’s registered office, if known;

(v)        the ACN or ARBN and/or ABN of the entity, if known;

(vi)       the entity’s telephone number, if known;

(vii)      a statement of whether the person is conducting the threshold transaction as a representative of the entity acting on behalf of the customer of the reporting entity;

(viii)      if the entity is a customer of the reporting entity – all the details specified in subparagraphs 19.3(2)(a) to (f);

(ix)       a description of evidence of agency authorisation of the person, if any and known;

(x)        the entity’s business or principal activity, if known;

(xi)       the full name of the individual purporting to act for or on behalf of this entity and the title, role or position held with the entity;

(15)   the reliable and independent documentation and/or reliable and independent electronic data used to verify the person referred to in subparagraph 19.3(14), if applicable.

19.4        In these Rules the terms ‘ABN’, ‘ACN’ and ‘ARBN’ have the same respective meanings as in the Corporations Act 2001.

 

Reporting entities should note that in relation to activities they undertake to comply with the AML/CTF Act, they will have obligations under the Privacy Act 1988, including the requirement to comply with the National Privacy Principles, even if they would otherwise be exempt from the Privacy Act. For further information about these obligations, please go to http://www.privacy.gov.au or call 1300 363 992.