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
2 Commencement
3 Authority
4 Schedules
Schedule 1—Amendments
Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1)
This instrument is the Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2019 (No. 3).
This instrument commences the day after registration.
This instrument is made under section 229 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
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.