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

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

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 FinancingAct 2006.

Dated 20 July 2007

Neil J Jensen

Chief Executive Officer

Australian Transaction Reports and Analysis Centre

1Name of Instrument

This Instrument is the Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2007 (No. 2) .

2Commencement

This Instrument commences on the day after it is registered.

3Amendment

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

Schedule 1Amendment

[1]After Chapter 11

insert

Chapter 12Electronic funds transfer instructions

12.1 These Anti-Money Laundering and Counter-Terrorism FinancingRules (Rules) are made pursuant to section 229 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) for subparagraph 70(a)(i) of that Act.

12.2 For subparagraph 70(a)(i) of the AML/CTF Act, the following kind of transfer instruction is specified:

(1) a transfer instruction where money is to be paid by use of a credit card.

12.3 Paragraph 12.2 of these Rules does not apply to a transfer instruction involving e-currency where the transfer instruction falls within paragraph 70(c) of the AML/CTF Act.

Note: reporting entities should note that the activities they carry out in order to comply with these Rules are also subject to the provisions of the Privacy Act 1988, even if the reporting entity is generally exempt from that Act.

Chapter 13Approved third-party bill payment system

13.1 These Anti-Money Laundering and Counter-Terrorism FinancingRules (Rules) are made pursuant to section 229 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) for the definition of ‘approved third-party bill payment system’ in section 5 of that Act.

13.2 For the definition of ‘approved third-party bill payment system’ in section 5 of the AML/CTF Act, the following bill payment systems are prescribed:

(1) BPAY;

(2) DEFT; and

(3) The Australian Payments Clearing Association Limited’s direct entry system.

13.3 In these Rules:

(1) ‘BPAY’ means a national bill payment service provided by banks, building societies and credit unions registered with the BPAY scheme, that is accessed by a registered business’ customer via the telephone or internet and which enables the registered business to collect payments from their customers electronically.

(2) ‘DEFT’ means direct electronic funds transfer which is a payment, collection, receipting and reconciliation service that enables the payment of bills by customers registered with the DEFT scheme through the internet, BPAY, Australia Post offices, telephone or mail.

Note: reporting entities should note that the activities they carry out in order to comply with these Rules are also subject to the provisions of the Privacy Act 1988