Financial Transaction Reports Amendment Regulations 2000 (No. 1) 2000 No. 288
EXPLANATORY STATEMENT
STATUTORY RULES 2000 No. 288
Issued By the Authority of the Minister for Justice and Customs
Financial Transaction Reports Act 1988
Financial Transaction Reports Amendment Regulations 2000 (No. 1)
Section 43 of the Financial Transaction Reports Act 1988 (the Act) provides that the GovernorGeneral may make regulations for the purposes of the Act.
The Commonwealth Services Delivery Agency (CSDA), which is commonly referred to as 'Centrelink', provides, inter alia, all services formerly provided by the Department of Social Security. The CSDA was established under the Commonwealth Services Delivery Agency Act 1997.
The Financial Transaction Reports Regulations (the principal Regulations) contained a number of references to the former Department of Social Security.
The purpose of the Regulations is to amend the Principal Regulations to replace references to the Department of Social Security with the CSDA. In addition, it is also the purpose of the Regulations to correct typographical errors in the Principal Regulations and to make consequential amendments which are necessary because of the repeal of the Student Assistance Regulations.
The Amendments
Regulation 1 is a formal clause providing for the citation of these amending Regulations.
Regulation 2 provides that these Regulations commenced upon gazettal.
Regulation 3 is also a formal clause providing for amendment of the Regulations as set out in Schedule 1 to the amending regulations.
Schedule 1 Amendments
Item 1 renames the Regulations by including the year in which they were first made.
Item 2 provides that the definition of "technical and further education" in subregulation 2(1) has the same meaning as in section 3 of the Student Assistance Act 1973. The former definition of "technical and further education" in subregulation 2(1) referred to the Student Assistance Regulations, which were repealed by Statutory Rules 1999 No. 311 (Student Assistance Repeal Regulations 1999).
Item 3 corrects a typographical error in subregulation 6(3) by replacing "indentity" with "identity".
Item 4 corrects a typographical error in subregulation 7(4) by replacing "identify" with "identity".
Item 5 replaces "Department of Social Security" with "Commonwealth Services Delivery Agency" in paragraph 10A(1)(b) to reflect that the CSDA now carries out the functions of the former Department of Social Security.
Item 6 creates a new subregulation 10A(3) which replaces "Department of Social Security" with "Commonwealth Services Delivery Agency". Item 6 also changes the term "Social Security" to lower case in paragraph 10A(3)(a) as the reference to social security payments is intended to be generic. In addition, item 6 replaces "departmental" with "agency" to reflect that an agency (ie CSDA) now carries out the functions of the former Department of Social Security.
Item 7 replaces "Department of Employment, Education and Training" with "Department of Education, Training and Youth Affairs" in subparagraph l0B(1)(b)(ii) to reflect that the latter Department currently administers the Student Assistance Act 1973.
Item 8 creates a new paragraph 11C(b) to replace the reference to "an officer of the Department of Social Security who performs the duties of a Regional Manager" with "an officer of the Commonwealth Services Delivery Agency who performs the duties of a Customer Service Centre Manager. The amendment reflects that officers of the CSDA now carry out the functions performed by officers of the former Department of Social Security.
The Regulations commenced on gazettal.
Overview
The Financial Transaction Reports Amendment Regulations 2000 (No. 1) were enacted in response to structural changes in the Australian public service, particularly the establishment of the Commonwealth Services Delivery Agency (commonly referred to as 'Centrelink') to replace the former Department of Social Security. These regulations were issued under the authority of the Minister for Justice and Customs and align with the Financial Transaction Reports Act 1988. The primary objective of these amendments is to update references within the Financial Transaction Reports Regulations to reflect the new agency responsible for the services previously managed by the Department of Social Security. Additionally, the regulations aim to correct typographical errors in the principal regulations and make necessary adjustments due to the repeal of the Student Assistance Regulations. This legislative change ensures that the regulatory framework remains accurate and relevant in light of the administrative reforms implemented by the Australian government.
Scope and Application
The Financial Transaction Reports Amendment Regulations 2000 (No. 1) serve to amend the existing Financial Transaction Reports Regulations by updating references from the former Department of Social Security to the Commonwealth Services Delivery Agency (CSDA), which now handles the services that were previously provided by the Department of Social Security. This amendment ensures the regulatory framework remains current and accurately reflects the entities involved in financial transaction reporting. The Regulations also correct typographical errors and make consequential amendments due to the repeal of the Student Assistance Regulations. The scope of these Regulations applies to financial institutions and other entities subject to reporting requirements under the Financial Transaction Reports Act 1988, and they operate across the Commonwealth of Australia. There are no stated exclusions or exemptions in these Regulations, and they extend the application of the principal Regulations through the necessary amendments to ensure compliance with the current administrative structures.
Key Provisions
The Financial Transaction Reports Amendment Regulations 2000 (No. 1) aim to bring the Financial Transaction Reports Regulations up to date with changes in the administrative landscape, particularly the establishment of the Commonwealth Services Delivery Agency (CSDA) and the repeal of certain regulations. Regulation 3 details the amendments, which are set out in Schedule 1. Key amendments include updating references from the former Department of Social Security to the CSDA, correcting typographical errors, and making consequential amendments due to the repeal of the Student Assistance Regulations (item 2). Additionally, the regulations include updates to reflect current department names and roles (items 5, 6, 7, and 8).
The obligations imposed by these Regulations are primarily administrative and procedural. They require that all references to the Department of Social Security within the Financial Transaction Reports Regulations be updated to the Commonwealth Services Delivery Agency (CSDA). This change is necessary to reflect the current administrative structure and ensure that the regulations accurately describe the entities responsible for certain functions. Moreover, the Regulations mandate the correction of typographical errors to maintain the clarity and accuracy of the document. These changes are crucial for compliance and the smooth operation of financial transaction reporting under the Act.
Breaches of the Financial Transaction Reports Regulations, including the amended Regulations, can result in both civil and criminal penalties. Civil penalties can include fines up to a significant amount, reflecting the importance of accurate and timely reporting. Criminal penalties may also apply, particularly if the breach is found to be deliberate or involves significant non-compliance. The exact penalties are determined by the courts, but they can include substantial fines and, in some cases, imprisonment. The Regulations underscore the importance of adhering to reporting requirements to avoid these consequences.