(3)  The notice must set out the effect of subsection (4). (b)  to address matters of international concern, including: (i)  the need to combat money laundering; and, (ii)  the need to combat financing of terrorism; and. (1)  The Secretary may, by written notice given to the AUSTRAC CEO, require the AUSTRAC CEO to: (a)  prepare a document setting out specified information relating to the performance of the AUSTRAC CEO’s functions; and. in the capacity of supplier of goods to a person by way of hire‑purchase, allowing the person to conduct a transaction in relation to the hire‑purchase agreement concerned, where: (b) the supply was in the course of carrying on a business of supplying goods, in the capacity of account provider for an account, providing a chequebook, or a similar facility, that enables the holder of the account to draw a cheque on the account, in the capacity of building society or credit union, providing a chequebook, or a similar facility, that enables the holder of an account with the building society or credit union to draw a cheque on an account held by the building society or credit union, the holder of the account with the building society or credit union, in the capacity of trustee or manager of a trust, providing a chequebook, or a similar facility, that enables the holder of a beneficial interest in the trust to draw a cheque on an account held by the trustee or manager of the trust, the holder of the beneficial interest in the trust. 141  Customer commonly known by 2 or more different names—disclosure to reporting entity, (a)  the person commences to receive a designated service provided by a reporting entity; and, (b)  the person is commonly known by 2 or more different names; and, (c)  the person commences to receive the designated service using one of those names; and, (d)  the person has not previously disclosed the other name or names to the reporting entity; and. In determining, for the purposes of this Act, whether an amount of e‑currency is not less than an Australian dollar amount, the amount of e‑currency is to be translated to Australian currency in accordance with the method specified in the AML/CTF Rules. (2)  Subsection (1) is enacted for the avoidance of doubt. (b)  the disclosure is authorised by this Division. factoring includes anything that, under the regulations, is taken to be factoring for the purposes of this Act. For the purposes of this Act, a change in the composition of a partnership does not affect the continuity of the partnership. President Rodrigo Duterte has signed into law Republic Act No. 75  Register of Providers of Designated Remittance Services. Note 2:       Division 8 of Part 15 sets out special enforcement powers relating to this section. (1)  If, in criminal or civil proceedings under, or arising out of, this Act in respect of conduct engaged in by a person other than a corporation, it is necessary to establish the state of mind of the person, it is sufficient to show that: (a)  the conduct was engaged in by an employee or agent of the person within the scope of his or her actual or apparent authority; and. (8)  A reporting entity must comply with a requirement under subsection (2). stored value card includes a portable device that is: (a)  capable of storing monetary value in a form other than physical currency; and. subsidiary has the same meaning as in the Corporations Act 2001. superannuation fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993. suspicious matter reporting obligation has the meaning given by subsection 41(1). (1)  This section applies to a reporting entity if: (a)  at a time before the commencement of this section, the reporting entity commenced to provide a designated service to a customer; and. (a)  make a record of so much of the required transfer information as was passed on to the person as mentioned in paragraph (1)(e); and. Anti-Money Laundering in 2006: It's the "Total Mix" by Lori A. Richards Director, Office of Compliance Inspections and Examinations U.S. Securities and Exchange Commission Sixth Annual Anti-Money Laundering Conference Securities Industry Association March 29, 2006 printed money means money comprising a note printed, written or otherwise made on polymer, paper or any other material. (4)  The AML/CTF Rules may provide that a specified provision of this Part does not apply to a designated service that is provided in circumstances specified in the AML/CTF Rules. This Part does not override Part IIIA of the Privacy Act 1988. (1)  This section applies if the AML/CTF Rules provide that, for the purposes of this section: (a)  a specified period is a reporting period; and. (d)  does not give a report about the physical currency when at the place in the embarkation area at which customs officers examine passports; the person is taken to have moved the physical currency out of Australia. 140  Receiving a designated service using a false customer name or customer anonymity, (a)  the person commences to receive a designated service; and, (b)  the person does so using a false customer name; and. (1)  To avoid doubt, AML/CTF Rules made for the purposes of paragraph 84(3)(b) may require that Part B of a standard anti‑money laundering and counter‑terrorism financing program must provide that, if: (a)  a customer of the reporting entity deals with the reporting entity in relation to the provision of a designated service through an agent of the customer; and. 132 Communication of AUSTRAC information to a foreign country etc. (a)  the transfer instruction is accepted by the ordering institution at or through a permanent establishment of the ordering institution in Australia; or. If a person, or an officer, employee or agent of a person, communicates or gives information to the AUSTRAC CEO under section 64 or 66, the person, officer, employee or agent is taken, for the purposes of Division 400 and Chapter 5 of the Criminal Code, not to have been in possession of that information at any time. The AUSTRAC CEO may resign his or her appointment by giving the Minister a written resignation. (b)  a commission of inquiry of a State or Territory. money laundering means conduct that amounts to: (a)  an offence against Division 400 of the Criminal Code; or, (b)  an offence against a law of a State or Territory that corresponds to an offence referred to in paragraph (a); or. (2)  Subsection (1) does not apply if the document is not false or misleading in a material particular. (b)  the person has made a declaration under subsection (1) or (2) that is false or misleading; (1)  If a police officer or a customs officer has reasonable grounds to believe that a person has committed an offence against subsection 53(1) or 59(3), the officer may arrest the person without warrant. Money launderers often use the banking system and money transfer services. (c)  such other conditions (if any) as are set out in the AML/CTF Rules are satisfied. (1)  The AUSTRAC CEO may, in writing, appoint a member of the staff of AUSTRAC to be an authorised officer for the purposes of this Act. It will not be expanded to deal with provisions inserted in this Act after assent. (d)  is not an affiliate of another corporation that: (i)  is incorporated in a particular country; and, (ii)  is authorised to carry on banking business in its country of incorporation; and. customer has the meaning given by section 6, and includes a prospective customer. (4)  The Governor‑General may arrange with the Chief Minister of the Australian Capital Territory for the variation or revocation of an arrangement in force under subsection (3). Countermeasures............................................................................ 147, 103........ Sunsetting of regulations after 2 years............................................ 148, Part 10—Record‑keeping requirements                                                                149, Division 1—Introduction                                                                                        149, 104........ Simplified outline............................................................................ 149, 105........ Privacy Act not overridden by this Part........................................ 149, Division 2—Records of transactions etc. (b)  arrange for the external auditor to carry out an external audit of whichever of the following is specified in the notice: (i)  the reporting entity’s compliance with this Act, the regulations and the AML/CTF Rules; (ii)  one or more specified aspects of the reporting entity’s compliance with this Act, the regulations and the AML/CTF Rules; and. External auditor may have regard to the results of previous audit. (10)  Subsection (1) is a civil penalty provision. Note 1:       AML/CTF Rules is short for Anti‑Money Laundering/Counter‑Terrorism Financing Rules. •      Cross‑border movements of physical currency must be reported to the AUSTRAC CEO, a customs officer or a police officer if the total amount moved is above a threshold. (3)  A special anti‑money laundering and counter‑terrorism financing program may be varied, so long as the varied program is a special anti‑money laundering and counter‑terrorism financing program. supplying goods to a person by way of hire‑purchase, where: (a) the goods are not acquired by a consumer (within the meaning of section 4B of the Trade Practices Act 1974); and, (b) the supply is in the course of carrying on a business of supplying goods. (c)  if he or she does not take action under this subsection, the material may be destroyed, altered or otherwise interfered with; he or she may do whatever is necessary to secure the equipment, whether by locking it up, placing a guard, or otherwise. (1)  This section applies to the following proceedings: (a)  criminal proceedings for an offence against the regulations; (2)  In the proceedings, it is a defence if the defendant proves that the defendant took reasonable precautions, and exercised due diligence, to avoid the contravention in respect of which the proceedings were instituted. (2)  The Governor‑General may arrange with the Governor of a State with whom an arrangement is in force under subsection (1) for the variation or revocation of the arrangement. acquiring: in determining whether something is a designated service, acquiring includes anything that, under the regulations, is taken to be acquiring for the purposes of this definition. (a)  a reporting entity is a member of a designated business group; and. (c)  be given to the AUSTRAC CEO, a customs officer or a police officer. 49. (8)  Subsection (2) does not apply to the disclosure of information by a reporting entity if: (b)  the disclosure is to an owner‑managed branch of the ADI. (c)  both of the following subparagraphs apply: (i)  the person is a subsidiary of a company that is a resident of Australia; (ii)  the service is provided at or through a permanent establishment of the person in a foreign country.

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