Commonwealth Consolidated Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 43

Scope

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

  (a)   the reporting entity commences to provide, or provides, a designated service to a customer; and

  (b)   the provision of the service involves a threshold transaction.

Report

  (2)   The reporting entity must, within 10 business days after the day on which the transaction takes place, give the AUSTRAC CEO a report of the transaction.

  (3)   A report under subsection   (2) must:

  (a)   be in the approved form; and

  (b)   contain such information relating to the transaction as is specified in the AML/CTF Rules.

Note 1:   For additional rules about reports, see section   244.

Note 2:   Section   49 deals with the provision of further information, and the production of documents, by the reporting entity.

Civil penalty

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