Commonwealth Numbered Acts

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