Commonwealth Numbered Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 (NO. 169, 2006) - SECT 115

Scope

             (1)  This section applies if:

                     (a)  section 64 applies to:

                              (i)  a multiple‑institution person‑to‑person electronic funds transfer instruction; or

                             (ii)  a multiple‑institution same‑person electronic funds transfer instruction; and

                     (b)  a person is in the funds transfer chain; and

                     (c)  the person is an interposed person and the transfer instruction is to be passed on by the person at or through a permanent establishment of the person in Australia; and

                     (d)  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

                     (e)  some or all of the required transfer information was passed on to the person by another person in the funds transfer chain; and

                      (f)  the transfer instruction was accepted by the ordering institution at or through a permanent establishment of the ordering institution in a foreign country; and

                     (g)  the transfer instruction was passed on to the person by a permanent establishment of the ordering institution, or of another person, in a foreign country.

Keeping and retention of records

             (2)  The person must:

                     (a)  make a record of so much of the required transfer information as was passed on to the person as mentioned in paragraph (1)(e); and

                     (b)  retain that record, or a copy of the record, for 7 years after the transfer instruction was passed on to the person.

Civil penalty

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