Commonwealth Consolidated Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 66

Scope

  (1)   This section applies to:

  (a)   a same - institution person - to - person electronic funds transfer instruction; or

  (b)   a same - institution same - person electronic funds transfer instruction if the instruction is to be carried out otherwise than by way of transferring money from an account held by the payer with the ordering institution in a particular country to another account held by the payer with the ordering institution in that country.

Note:   For exemptions, see section   67.

Obligations of beneficiary institution

  (2)   If:

  (a)   the transfer instruction is accepted by the ordering institution at or through a permanent establishment of the ordering institution in Australia; or

  (b)   the making available by the beneficiary institution of the transferred money would take place at or through a permanent establishment of the beneficiary institution in Australia;

then, before the beneficiary institution makes the transferred money available to the payee, the beneficiary institution must obtain the complete payer information.

Note:   For complete payer information , see section   71.

  (3)   If:

  (a)   either:

  (i)   the transfer instruction is accepted by the ordering institution at or through a permanent establishment of the ordering institution in Australia; or

  (ii)   the making available by the beneficiary institution of the transferred money would take place at or through a permanent establishment of the beneficiary institution in Australia; and

  (b)   the AUSTRAC CEO, by written notice given to the ordering institution, requests the institution to give the complete payer information to the AUSTRAC CEO;

the ordering institution must comply with the request within:

  (c)   if the request was given to the ordering institution within 6 months after the acceptance of the transfer instruction by the ordering institution--3 business days after the day on which the request was given; or

  (d)   otherwise--10 business days after the day on which the request was given.

Note:   For complete payer information , see section   71.

Civil penalty

  (6)   Subsections   (2) and (3) are civil penalty provisions.