Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2007 (No. 5)

Anti‑Money Laundering and Counter‑Terrorism Financing Rules Amendment Instrument 2007 (No. 5)

as amended

made under section 229 of the

Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006

This compilation was prepared on 21 July 2011
taking into account amendments up to Anti‑Money Laundering and Counter‑Terrorism Financing Rules Amendment Instrument 2010 (No. 3)

Prepared by the Australian Transaction Reports and Analysis Centre (AUSTRAC)

1 Name of Instrument [see Note 1]

  This Instrument is the Anti‑Money Laundering and Counter‑Terrorism Financing Rules Amendment Instrument 2007 (No. 5).

2 Commencement [see Note 1]

  This Instrument commences as follows:

 (a) on the day after it is registered — sections 1, 2 and 3 and Schedule 1;

(b) on 12 December 2008 — Schedule 2;

3 Amendment

  Schedules 1 and 2 amend the Anti‑Money Laundering and Counter‑Terrorism Financing Rules Instrument 2007 (No. 1).

Schedule 1 Amendment

1.                      Schedule 1, heading:

 delete

2.                         Schedule 2, heading:

 delete

3.                         Schedule 3, heading:

 delete

4. Chapter 15, heading:

 insert

 (Rules commencing on 12 December 2008)

5. Chapter 16, heading:

 insert

 (Rules commencing on 12 December 2008)

6. Chapter 17, heading:

 insert

 (Rules commencing on 12 December 2008)

7. Chapter 18, heading:

 insert

 (Rules commencing on 12 December 2008)

Schedule 2 Amendment

1. After Chapter 18

insert:

Chapter 19 Reportable details for threshold transactions

19.1 This Chapter commences on 12 December 2008.

19.2              These Rules are made under section 229 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 (AML/CTF Act) for paragraph 43(3)(b) of that Act.

19.3 A report under subsection 43(2) of the AML/CTF Act must contain the following details about a threshold transaction:

(1) if the customer of the designated service is an individual, the customer's:

(a) full name and any other name used by the customer, if known;

(aa) any business name(s) under which the customer operates;

(b) date of birth;

(c) full address (not being a post box address);

(ca) the postal address of the customer if different from that in 19.3(1)(c), if known;

(d) telephone number, if known;

(e) the ABN of the customer, if known;

(2) if the customer of the designated service is not an individual:

(a) the name of the customer and any business name(s) under which the customer operates;

(b) a description of the legal form of the customer and any business structure it is a part of, for the purposes of its main business activities, if known (for example: partnership, trust or company);

(c) the full address of the customer’s principal place of business (not being a post box address) if applicable;

(d) the postal address of the customer if different from that in 19.3(2)(c), if known;

(e) the ACN, ARBN and/or ABN of the customer, if known;

(f) the customer’s telephone number, if known;

(3) the occupation, business or principal activity of the customer or the relevant industry or occupation code(s) that applies to the customer’s business or occupation, if known, such as (without limitation):

(a) the Australian Bureau of Statistics in the Australian and New Zealand Standard Industrial Classification (ANZSIC) 2006 (as amended from time to time); or

(b) the relevant industry code that applies to the customer’s business as published by the Australian Bureau of Statistics in the Australian Standard Classification of Occupations (ASCO) (as amended from time to time);

(4) the date of the threshold transaction;

(5) a description of the designated service provided or commenced to be provided by the reporting entity to the customer which involves the threshold transaction;

(6) where applicable, the total of each of the following amounts, and the sum of these amounts, provided to or received from the customer relating to the threshold transaction:

(a) money, including the total of each component thereof, and the type and total of each currency where a component is physical currency;

(b) international funds transfers;

(c) cheques;

(d) bank cheques;

(e) bank drafts;

(f) traveller’s cheques;

(g) money or postal orders;

(h) hire purchase or finance lease payments;

(i) negotiable debt instruments;

(j) benefit payments or payouts;

(k) contributions or premiums;

(l) derivatives or futures;

(m) securities;

(n) bullion;

(o) stored value cards (including whether the card was issued or topped up);

(p) gambling chips or tokens;

(q) electronic gaming machine payouts;

(r) winning tickets from wagering;

(s) buying into a game (for a gambling service);

(t) placing a bet; and

(u) any other value;

(7) all of the following details, as applicable to the threshold transaction:

(a) where the threshold transaction involves physical currency:

(i) the total amount in Australian dollars;

(ii) if the amount involves foreign currency, a description and amount of the currency;

(iii) the name(s) of the recipient(s);

(iv) the full address(es) of the recipient(s) (not being a post box address) if known;

(v) the date(s) of birth of the recipient(s), if known;

(vi) a description of the purpose of the transfer(s);

(vii) if the purpose of the transfer(s) is to:

(a) enable a cheque to be provided to the customer using all or part of the physical currency transferred by the customer; or

(b) enable the customer to receive physical currency in exchange for all or part of a cheque produced by the customer to the reporting entity;

 the following details:

(c)              the name of the drawer;

(d)              the name of the drawee; and

(e)              the amount of the cheque;

(b)               where the threshold transaction involves e‑currency:

(i)                 the total amount in Australian dollars;

(ii) if the amount is denominated in foreign currency, a description and amount of the currency;

(iii) a description of the e‑currency including details of the backing asset or thing, if known;

(iv) the name(s) of the recipient(s);

(v) the full address(es) of the recipient(s) (not being a post box address), if known;

(vi) the date(s) of birth of the recipient(s), if known;

(vii) a description of the purpose of the transfer(s);

(viii) if the purpose of the transfer(s) is to:

(a) enable a cheque to be provided to the customer using all or part of the e-currency transferred by the customer; or

(b) enable the customer to receive e-currency in exchange for all or part of a cheque produced by the customer to the reporting entity;

 the following details:

(c)              the name of the drawer;

(d)              the name of the drawee; and

(e)              the amount of the cheque;

(c)                where the threshold transaction is of a kind specified in the regulations involving money:

(i)                 the total amount in Australian dollars;

(ii)              if the amount involves foreign currency, a description and amount of the currency;

(iii)              a description of the type of specified transaction;

(iv)             the name(s) of the recipient(s);

(v)              the full address(es) of the recipient(s) (not being a post box address), if known;

(vi)              the date(s) of birth of the recipient(s), if known;

(vii)              a description of the purpose of the transfer(s);

(viii)              if the purpose of the transfer(s) is to:

(a) enable a cheque to be provided to the customer using all or part of the money transferred by the customer; or

(b) enable the customer to receive money in exchange for all or part of a cheque produced by the customer to the reporting entity;

 the following details:

(c)              the name of the drawer;

(d)              the name of the drawee; and

(e)              the amount of the cheque;

(d)               where the threshold transaction is of a kind specified in the regulations involving the transfer of property:

(i) a description of the type of specified transaction;

(ii) the value of the transferred property in Australian dollars;

(iii) if value of the transferred property involves foreign currency, a description and amount of the currency;

(iv) the name(s) of the recipient(s);

(v) the full address(es) of the recipient(s) (not being a post box address), if known;

(vi) the date(s) of birth of the recipient(s), if known;

(vii) a description of the purpose of the transfer(s);

(viii)              if the purpose of the transfer(s) is to:

(a) enable a cheque to be provided to the customer using all or part of the property transferred by the customer; ors

(b) enable the customer to receive property in exchange for all or part of a cheque produced by the customer to the reporting entity;

 the following details:

(c)              the name of the drawer;

(d)              the name of the drawee; and

(e)              the amount of the cheque;

(8) a description of any account opened by the reporting entity that involves the threshold transaction including the account’s identifying number;

(9) the name and, if applicable, identifying number of the reporting entity;

(10) the name and, if applicable, identifying number of the reporting entity at which the threshold transaction was conducted;

(11) the address of the reporting entity at which the threshold transaction was conducted;

(12) any identifying or transaction number assigned to the threshold transaction;

(13) a description of the reliable and independent documentation and/or electronic data source(s) relied upon to verify the identity of the customer, if applicable.

19.4 A report under subsection 43(2) of the AML/CTF Act must contain the following details about the person completing the report:

(1) Full name;

(2) Job title or position;

(3) Telephone number; and

(4) Email address.

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 National Privacy Principles, even if they would otherwise be exempt from the Privacy Act. For further information about these obligations, please go to http://www.privacy.gov.au or call 1300 363 992.

Notes to the Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2007 (No. 5)

Note 1

The Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2007 (No. 5) (in force under section 229 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006) as shown in this compilation is amended as indicated in the Tables below.

Table of Instruments

Table of Amendments