Commonwealth Numbered Regulations

1992 No. 423 FINANCIAL TRANSACTION REPORTS REGULATIONS (AMENDMENT) - REG 12

12.1 Omit the regulation, substitute: Account information in relation to trust
accounts

"11A. (1) For the purposes of subparagraph (c) (v) of the definition of
'account information' in subsection 3 (1) of the Act, the following
information in relation to an account held in trust is prescribed:

   (a)  the name and address of the trustee; and

   (b)  the name of each beneficiary under the trust; and

   (c)  if the terms of the trust identify the beneficiaries by reference only
        to membership of a class-details of the class.

"(2) A cash dealer who provides account information on an account held in
trust is not required to provide the information set out in subregulation (1)
if the account is:

   (a)  held by, or operated in connection with, an exempt superannuation
        fund; or

   (b)  held by:

        (i)    the Commonwealth, a State, the Australian Capital Territory,
               the Northern Territory or the Territory of Norfolk Island; or

        (ii)   a public authority; or

        (iii)  a local government body.".