Commonwealth Consolidated Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 31

Scope

  (1)   This section applies to a reporting entity if:

  (a)   at a particular time (the relevant time ), the reporting entity commences to provide a designated service to a customer; and

  (b)   under the AML/CTF Rules, the service is taken to be a low - risk designated service; and

  (c)   at the relevant time or a later time, a suspicious matter reporting obligation arises for the reporting entity in relation to the customer.

Note 1:   For suspicious matter reporting obligation , see section   41.

Note 2:   For tipping - off offences, see section   123.

Requirement

  (2)   The reporting entity must:

  (a)   take such action as is specified in the AML/CTF Rules; and

  (b)   do so within the time limit allowed under the AML/CTF Rules.

Civil penalty

  (3)   Subsection   (2) is a civil penalty provision.