Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2018 (No. 3) (Cth)

Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2018 (No. 3)

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

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

Dated 19 December 2018

[signed]

Nicole Rose PSM

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 2018 (No. 3).

2Commencement

This Instrument commences the day after registration.

3Amendment

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

Schedule 1—Amendments

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

4Chapter 11

Repeal the Chapter, substitute:

CHAPTER 11Compliance Report – Reporting and Lodgment periods

11.1 These Rules are made under section 229 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the AML/CTF Act) for the purposes ofsubsections47(1), 47(2) and 247(4)of the AML/CTF Act.

Reporting and lodgement periods

11.2 Areporting period is each calendar year.

11.3 The lodgment period is 2 January to31 March in the calendar year immediately following the end of the reporting period.

Exemption from compliance reporting

11.4 For subsection 247(4) of the AML/CTF Act, subsections 47(1) and 47(2) of that Act are specified in relation to:

(1) the reporting period as specified in subparagraph 11.2 for 2018; and

(2) the lodgment period as specified in subparagraph 11.3 for 2019;

in the following circumstances:

(3) in the 2018 calendar year, the reporting entity:

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

(b) did not provide any other designated service.

Reporting entities should note that in relation to activities they undertake to comply with the AML/CTF Act, they will have obligations under the Privacy Act 1988, including the requirement to comply with the Australian Privacy Principles, even if they would otherwise be exempt from the Privacy Act