Federal Register of Legislation - Australian Government

Primary content

Rules/Other as made
This instrument amends the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) to insert a new Chapter 11 and a new Part 51.2 in Chapter 51.
Administered by: Home Affairs
Exempt from sunsetting by the Legislation (Exemptions and Other Matters) Regulation 2015 s12 item 06
Registered 13 Dec 2019
Tabling HistoryDate
Tabled HR04-Feb-2020
Tabled Senate04-Feb-2020
Date of repeal 15 May 2020
Repealed by Division 1 of Part 3 of Chapter 3 of the Legislation Act 2003
Table of contents.

Commonwealth Coat of Arms of Australia

 

Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2019 (No. 3)

I, Nicole Rose, Chief Executive Officer, Australian Transaction Reports and Analysis Centre, make these Rules under section 229 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

Dated 9 December 2019

[signed]

Nicole Rose PSM

Chief Executive Officer

Australian Transaction Reports and Analysis Centre

 

 


Contents

1  Name........................................................................................................................................ 1

2  Commencement........................................................................................................................ 1

3  Authority.................................................................................................................................. 1

4  Schedules................................................................................................................................. 1

Schedule 1—Amendments                                                                                            

Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) 2

 

 


1  Name

                   This instrument is the Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2019 (No. 3).

2  Commencement

                   This instrument commences the day after registration.

3  Authority

                   This instrument is made under section 229 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

4  Schedules

                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1Amendments

Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1)

1  Chapter 11

Repeal the Chapter, substitute:

CHAPTER 11     Compliance Report – reporting and lodgment periods

 

11.1       These Rules are made under section 229 of the AML/CTF Act for the purposes of subsections 47(1), 47(2) and 247(4) of that Act.

Reporting and lodgment periods

11.2       A reporting period is specified to be each successive period of 12 months beginning on 1 January and ending on 31 December.

11.3       The lodgment period is specified to be the period of 3 months beginning at the end of each successive reporting period.

Exemption from compliance reporting

11.4       For the purposes of subsection 247(4) of the AML/CTF Act, subsections 47(1) and 47(2) of that Act do not apply in circumstances where the reporting entity:

(1)     only provided designated services during the reporting period of the kind set out in items 31 and 32 of the table in subsection 6(2) of the AML/CTF Act as a registered remittance affiliate; and

              (2)     did not provide any other designated service.

 

2  Chapter 51

Repeal Part 51.2, substitute:

Part 51.2        Western Union Business Solutions (Australia) Pty Ltd

51.2.1     For the purposes of subparagraph (e) of the definition of ‘financial institution’ in section 5 of the AML/CTF Act, the following persons are specified, subject to the applicable conditions in paragraph 51.2.4:

 (1)       Western Union Business Solutions (Australia) Pty Ltd ABN 24 150 129 749.

51.2.2     For the purposes of subparagraph (e) of the definition of ‘non-financier’ in section 5 of the AML/CTF Act, the following persons are specified, subject to the applicable conditions in paragraph 51.2.4:

 (1)       Western Union Business Solutions (Australia) Pty Ltd ABN 24 150 129 749.

51.2.3     For the purposes of subparagraphs 8(1)(c)(v), 8(1)(d)(v), 8(2)(c)(v), 9(1)(c)(v), 9(1)(d)(v) and 9(2)(c)(v), the following persons are specified, subject to the applicable conditions in paragraph 51.2.4:

 (1)       Western Union Business Solutions (Australia) Pty Ltd ABN 24 150 129 749.

51.2.4     For the purposes of paragraphs 51.2.1 – 51.2.3, the following conditions are specified in relation to international funds transfer instructions covered by item 1 or 2 of the table in section 46:

(1)        the person uses a proprietary system to send or receive the international funds transfer instruction; and

(2)        the person is licensed under the Corporations Act 2001 to deal in a foreign exchange contract; and

(3)        the person is not acting in the capacity of an agent of a non-financier; and either of the following two additional conditions is also met:

(4)        the person is a wholly owned or majority owned subsidiary of an ADI, bank, building society or credit union; or

(5)        the person is part of a member-administered closed user group.