Commonwealth Numbered Regulations - Explanatory Statements

[Index] [Search] [Download] [Related Items] [Help]

CASH TRANSACTION REPORTS REGULATIONS (AMENDMENT) 1992 NO. 90

STATUTORY RULES 1992 No. 90

Issued by the authority of the Attorney-General

Cash Transaction Reports Act 1988

Cash Transaction Reports Regulations (Amendment)

Section 43 of the Cash Transaction Reports Act 1988 (the Act) provides that the Governor-General may make regulations for die purposes of the Act

The purpose of the Cash Transaction Reports Regulations (Amendment) is to improve the procedures for the verification of identity of signatories to accounts with cash dealers and to prescribe the particulars which must be included in a notice by a cash dealer under subsection 18(8) of the Act.

Regulation 5 of the Cash Transaction Reports Regulations (the principal Regulations) contains a streamlined procedure for the verification of the identity of signatories to accounts of public authorities or public companies. Regulation 3 of the amending Regulations replaces the definition of "public company" in the principal Regulations with a new, and wider, definition of "incorporated body" which will include public companies, those bodies currently included within the definition of public company in the Regulations, and proprietary companies and incorporated associations which have either traded for a period of two years or maintained an account with a financial institution for a period of two years.

Regulation 6 of the amending Regulations amends Regulation 5 to allow the use of the streamlined verification procedure for any incorporated body as defined.

Regulation 4 of the amending Regulations amends Regulation 4 of the principal Regulations to insert an additional means of verification, worth 100 points, for a signatory to an account with a financial body where that person has been a signatory to an account with that financial body for at least 36 months.

Subsection 18(8) of the Act requires a cash dealer to give to the Director written notice of any account which has been blocked for a period of 12 months together with particulars as prescribed. Regulation 1111 prescribes the particulars of blocked accounts and signatories to be provided as required by subsection 18(8).

The Regulations will commence on 4 May 1992.