Commonwealth Numbered Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 (NO. 169, 2006) - SECT 43

Scope

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

                     (a)  the reporting entity commences to provide, or provides, a designated service to a customer; and

                     (b)  the provision of the service involves a threshold transaction.

Report

             (2)  The reporting entity must, within 10 business days after the day on which the transaction takes place, give the AUSTRAC CEO a report of the transaction.

             (3)  A report under subsection (2) must:

                     (a)  be in the approved form; and

                     (b)  contain such information relating to the transaction as is specified in the AML/CTF Rules.

Note 1:       For additional rules about reports, see section 244.

Note 2:       Section 49 deals with the provision of further information, and the production of documents, by the reporting entity.

Civil penalty

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