Contents

Part 1--Introduction                                                                                                                                      1

Division 1--Preliminary                                                                                                                        1

1............ Name............................................................................................................................. 1

2............ Commencement............................................................................................................. 1

3............ Authority....................................................................................................................... 1

4............ Schedules...................................................................................................................... 1

Division 2--Definitions                                                                                                                           2

5............ Definitions..................................................................................................................... 2

6............ Meaning of public employee.......................................................................................... 4

Division 3--Provisions relating to definitions in the Act                                                     6

7............ Prescribed details in relation to trust accounts............................................................... 6

8............ Instructions that are not international funds transfer instructions................................... 6

Part 2--Accounts                                                                                                                                              7

Division 1--General                                                                                                                                7

9............ Prescribed verification procedure--identifying cash dealers......................................... 7

10.......... Verification checks of signatories to accounts............................................................... 8

Division 2--Alternative verification procedures                                                                   11

11.......... Alternative verification procedure--public authorities, rating authorities and incorporated bodies           11

12.......... Alternative verification procedure--children............................................................... 12

13.......... Alternative verification procedure--recent arrivals in Australia.................................. 12

14.......... Alternative verification procedure--non-residents...................................................... 13

15.......... Alternative verification procedure--Aboriginal persons or Torres Strait Islanders..... 14

16.......... Alternative verification procedure--certain persons who receive social security benefits....... 15

17.......... Alternative verification procedure--persons receiving student financial supplement.. 15

Division 3--Particulars to be recorded                                                                                       17

18.......... Particulars to be recorded--signatories to accounts..................................................... 17

Division 4--Change of name                                                                                                             18

19.......... Prescribed person........................................................................................................ 18

Part 3--Retaining financial transaction documents                                                                 19

20.......... Customer-generated financial transaction documents relating to operation of accounts 19

21.......... Retaining other financial transaction documents.......................................................... 19

Part 4--Transitional provisions                                                                                                             20

22.......... Things done under the Financial Transaction Reports Regulations 1990................... 20

Schedule 1--Repeals                                                                                                                                     21

Financial Transaction Reports Regulations 1990                                                                        21

 

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