Commonwealth Numbered Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 (NO. 169, 2006) - SECT 29

Scope

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

                     (a)  at a time before the commencement of this section, the reporting entity commenced to provide a designated service to a customer; and

                     (b)  after the commencement of this section, 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.

Interpretation

             (4)  For the purposes of this section, assume that Part 1 had been in force at all material times before the commencement of this section.