Cash Transaction Reports Regulations (Amendment) (Cth)

Statutory

Rules1992No. 90 1

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Cash Transaction Reports Regulations 2(Amendment)

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Cash Transaction Reports Act 1988.

 Dated 7 April 1992.

  BILL HAYDEN

 Governor-General

 By His Excellency’s Command,

MICHAEL DUFFY

Attorney-General

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1.   Commencement

1.1   These Regulations commence on 4 May 1992.

2.   Amendment

2.1   The Cash Transaction Reports Regulations are amended as set out in these Regulations.

3.   Regulation 2 (Interpretation)

3.1   Subregulation 2 (1) (definition of “public company”):

Omit the definition.

3.2   Subregulation 2 (1) (definition of “Telecom”):

Omit the definition, substitute:

“‘Telecom’ has the same meaning as in the Australian and Overseas Telecommunications Corporation Act 1991;”.

3.3   Subregulation 2 (1):

After the definition of “higher education institution”, insert:

“‘incorporated body’ means:

• (a)

  a public company within the meaning of the Corporations Law; or

• (b)

  a body corporate that is a subsidiary of a public company within the meaning of sections 46 to 49 (inclusive) of the Corporations Law; or

• (c)

  a proprietary company within the meaning of the Law in which one or more shares is owned by a public company within the meaning of the Corporations Law; or

(d)

a bank; or

(e)

a building society; or

(f)

a credit union; or

• (g)

  a society established under a law in force in a State or Territory providing for the establishment of mutual societies or friendly societies; or

• (h)

  a proprietary company within the meaning of the Corporations Law, or an incorporated association:

   (i) that has traded for a continuous period of 2 years; or

   (ii) that has maintained an account with a financial institution for a continuous period of 2 years; or

  • (i)

    a body established or incorporated for a public purpose;”.

3.3   Subregulation 2 (2):

Omit the subregulation.

4.   Regulation 3 (The verification procedure)

4.1   Subregulation 3 (5):

Omit “Corporations Act 1989”, substitute “Corporations Law”.

5.   Regulation 4 (Verification generally)

5.1   Subregulation 4 (1):

After paragraph (h), insert:

• “(i)

  if the identifying cash dealer is a financial body—it verifies that the signatory has been a signatory of an account with the body for at least 36 months immediately before the verification (verification by this means is worth 100 points); and”.

6.   Regulation 5 (Verification: public authorities and incorporated bodies)

6.1   Omit “a body established or incorporated for a public purpose or public company” (wherever occurring), substitute “incorporated body”.

6.2   Omit “or company” (wherever occurring).

6.3   Subregulation 5 (1):

Omit “, body”, substitute “or body”.

7.   Regulation 8 (Verification: non-residents)

7.1   Subregulation 8 (1):

Omit “Corporations Act 1989”, substitute “Corporations Law”.

8   Regulation 11b (Matters prescribed for the purposes of section 18 of the Act)

8.1   Add at the end:

“(3)

For the purposes of subsection 18 (8) of the Act, the following particulars are prescribed:

(a)

the date on which the account became blocked;

• (b)

  the account holder’s name and address;

• (c)

  if it is known to the cash dealer—the account holder’s occupation, business or principal activity;

(d)

the type and identification number of the account;

• (e)

  the unverified signatory’s name;

• (f)

  if it is known to the cash dealer—the unverified signatory’s address;

• (g)

  the name of each other signatory (if any);

• (h)

  if it is known to the cash dealer—the address of each other signatory (if any);

(i)

the cash dealer’s name and address;

(j)

the nature of the cash dealer’s business;

• (k)

  the identifying number of the branch where the account is held;

• (l)

  the signature of the cash dealer, or an authorised officer of the dealer;

• (m)

  the name, title, telephone number and facsimile number  of the cash dealer or person who signed on behalf of the cash dealer;

• (n)

  the total funds deposited in the account on and after the latest of the following dates:

 (i) 1 February 1991;

 (ii) the date the account was opened;

 (iii) the date of the last notice under subsection 18 (8) of the Act relating to the account;

• (o)

  the total amount of cash deposited in the account since the latest of the dates referred to in paragraph (n);

• (p)

  the date of the last transaction on the account;

• (q)

  the reasons why the account was blocked, including statements indicating:

   (i) whether the credit balance of the account has exceeded $1,000;

   (ii) whether the total credits to the account over a period of 30 consecutive days exceeded $2,000;

  • (r)

    the reason why the account remains blocked.”.

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 14 April 1992.

 

2. Statutory Rules 1990 No. 36 as amended by 1990 Nos. 162, 340 and 341; 1991 Nos. 7, 89 and 166.