Statutory Rules 1992 No. 4231
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Financial Transaction Reports Regulations2 (Amendment)
I, The Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council and under section 4 of the Acts Interpretation Act 1901, make the following Regulations under the Financial Transaction Reports Act 1988.
Dated 17 December 1992.
BILL HAYDEN
Governor-General
By His Excellency’s Command,
MICHAEL DUFFY
Attorney-General
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1. Commencement
1.1 Regulations 1, 2 and 11 commence on 1 January 1993.
1.2 The remainder of these regulations commence on 1 February 1993.
2. Amendment
2.1 The Financial Transaction Reports Regulations are amended as set out in these Regulations.
3. Regulation 2 (Interpretation)
3.1 Subregulation 2 (1) (definition of “Aboriginal person”):
Omit the definition, substitute:
“ ‘Aboriginal person’ means a person who is a member of the Aboriginal race of Australia;”.
3.2 Subregulation 2 (1) (paragraph (c) of the definition of “incorporated body”):
Insert “Corporations” before “Law” (first occurring).
3.3 Subregulation 2 (1) (definition of “incorporated body”):
Add at the end:
“or (j) a foreign company carrying on business in Australia within the meaning of the Corporations Law;”.
3.4 Subregulation 2 (1) (definition of “verified signatory”):
Before paragraph (a), insert:
“(aa) a verification procedure referred to in subparagraph 20A (1) (b) (ii) of the Act; or”.
4. Regulation 3 (The verification procedure)
4.1 Subregulation 3 (1):
Omit “subsection 20 (8)”, substitute “subparagraph 20A (1) (b) (i)”.
5. Regulation 4 (Verification generally)
5.1 Sub-subparagraph 4 (1) (f) (ii) (B):
After “licence”, insert “or permit”.
6. Regulation 5 (Verification: public authorities and incorporated bodies)
6.1 Subregulation 5 (3):
Before paragraph (a), insert:
“(aa) a verification procedure referred to in subparagraph 20A (1) (b) (ii) of the Act; or”.
7. Regulation 7 (Verification: recent arrivals in Australia)
7.1 Subregulation 7 (1):
Omit the subregulation.
7.2 Paragraphs 7 (2) (b) and (c):
Omit “passport”, substitute “international travel document”.
8. Regulation 8 (Verification: non-residents)
8.1 Subregulation 8 (3):
Before paragraph (a), insert:
“(aa) a verification procedure referred to in subparagraph 20A (1) (b) (ii) of the Act; or”.
9. Regulation 9 (Verification: Aboriginal persons or Torres Strait Islanders resident in an isolated area)
9.1 Subregulation 9 (1) (definition of “community leader”):
Omit the definition, substitute:
“ ‘community leader’, in relation to an Aboriginal or Torres Strait Islander community, means:
(a) a person who is recognised by the members of the community to be a community elder; or
(b) if there is an Aboriginal council that represents the community—an elected member of the council; or
(c) a member of a Regional Council established under section 92 of the Aboriginal and Torres Strait Islander Commission Act 1989; or
(d) a member, or a member of the staff, of a local land council established under section 21 the Aboriginal Land Rights (Northern Territory) Act 1976; or
(e) a member of the staff of the Aboriginal and Torres Strait Islander Commission; or
(g) a director of an Aboriginal or Torres Strait Islander corporation within the meaning of the Aboriginal and Torres Strait Islander Commission Act 1989.”.
9.2 Subregulation 9 (2):
After “person” insert “or Torres Strait Islander”.
10. Regulation 10A (Verification: certain recipients of social security benefits)
10.1 Subregulation 10A (1):
Omit “subsection 20 (8)”, substitute “subparagraph 20A (1) (b) (i)”.
11. New regulation 10B
11.1 After regulation 10A, insert:
Verification: recipients of financial supplement
“10B. (1) This regulation applies if:
(a) a person:
(i) applies to an identifying cash dealer for financial supplement under subsection 12D (1) of the Student Assistance Act 1973; and
(ii) has a document, issued by the Department of Employment, Education and Training, certifying that the person referred to in the document is eligible to apply for financial supplement under the Student Financial Supplement Scheme set out in Part 4A of that Act; and
(iii) gives the document to the cash dealer no later than 3 months after the day on which the document is issued; and
(b) the cash dealer:
(i) has entered into an agreement with the Commonwealth for the purposes of subsection 12D (1) of that Act; and
(ii) accepts the person’s application.
“(2) For the purposes of subparagraph 20A (1) (b) (i) of the Act, the verification procedure for the person is the verification by the identifying cash dealer of the person’s identity from the document referred to in subparagraph (1) (a) (ii).
“(3) The verification of the person’s identity is worth 100 points.”.
12 Regulation 11A (Account information in relation to certain trust accounts: subsection 20 (6) of the Act)
12.1 Omit the regulation, substitute:
Account information in relation to trust accounts
“11A. (1) For the purposes of subparagraph (c) (v) of the definition of ‘account information’ in subsection 3 (1) of the Act, the following information in relation to an account held in trust is prescribed:
(a) the name and address of the trustee; and
(b) the name of each beneficiary under the trust; and
(c) if the terms of the trust identify the beneficiaries by reference only to membership of a class—details of the class.
“(2) A cash dealer who provides account information on an account held in trust is not required to provide the information set out in subregulation (1) if the account is:
(a) held by, or operated in connection with, an exempt superannuation fund; or
(b) held by:
(i) the Commonwealth, a State, the Australian Capital Territory, the Northern Territory or the Territory of Norfolk Island; or
(ii) a public authority; or
(iii) a local government body.”.
13. Regulation 11B (Matters prescribed for the purposes of section 18 of the Act)
13.1 Subregulation 11B (1):
Omit “21 days”, substitute “28 days”.
13.2 Subregulation 11B (1):
Omit “instead of the day first referred to in that subsection”.
13.3 Subregulation 11B (2):
Omit the subregulation.
14. New regulation 11C
14.1 After regulation 11B, insert:
Prescribed persons for the purposes of subsection 21A (2) of the Act
“11C. For the purposes of subsection 21A (2) of the Act, a member of one of the following classes of persons is a prescribed person:
(a) a police officer;
(b) an officer of the Department of Social Security who performs the duties of a Regional Manager;
(c) a legal practitioner (however described) of a federal, State or Territory court;
(d) a marriage counsellor within the meaning of the Family Law Act 1975;
(e) a person registered as a medical practitioner under a law of a State or Territory providing for that registration;
(f) a person who holds the position of nursing sister and is registered as a nurse under a law of a State or Territory providing for that registration;
(g) a community leader within the meaning of subregulation 9 (1);
(h) a marriage celebrant who is an authorised celebrant within the meaning of the Marriage Act 1961;
(i) an employee of:
(i) a women’s refuge; or
(ii) a crisis and counselling service;
who counsels or otherwise assists victims of domestic violence, sexual assault or sexual abuse, as part of his or her duties.”.
15. Regulation 14 (Schedule 3 to the Act)
15.1 Paragraph 14 (a):
Omit “passport” (twice occurring), substitute “international travel document”.
15.2 Paragraph 14 (a):
Omit “passports”, substitute “international travel documents”.
16. Regulation 15 (Schedule 4 to the Act)
16.1 Item 10:
Before “type”, insert “name,”.
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NOTES
1. Notified in the Commonwealth of Australia Gazette on 24 December 1992.
2. Statutory Rules 1990 No. 36 as amended by 1990 Nos. 162, 340 and 341; 1991 Nos. 7, 89 and 166; 1992 Nos. 90 and 320.