Commonwealth Numbered Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 (NO. 169, 2006) - SECT 36

             (1)  A reporting entity must:

                     (a)  monitor the reporting entity's customers in relation to the provision by the reporting entity of designated services at or through a permanent establishment of the reporting entity in Australia, with a view to:

                              (i)  identifying; and

                             (ii)  mitigating; and

                            (iii)  managing;

                            the risk the reporting entity may reasonably face that the provision by the reporting entity of a designated service at or through a permanent establishment of the reporting entity in Australia might (whether inadvertently or otherwise) involve or facilitate:

                            (iv)  money laundering; or

                             (v)  financing of terrorism; and

                     (b)  do so in accordance with the AML/CTF Rules.

Civil penalty

             (2)  Subsection (1) is a civil penalty provision.

Exemption

             (3)  This section does not apply to a designated service covered by item 54 of table 1 in section 6.

Note:          Item 54 of table 1 in section 6 covers a holder of an Australian financial services licence who arranges for a person to receive a designated service.

Designated business groups

             (4)  If a reporting entity is a member of a designated business group, the obligation imposed on the reporting entity by subsection (1) may be discharged by any other member of the group.