Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024

This section applies to a reporting entity if the reporting entity complies with section 28 (undertaking initial customer due diligence) or 30 (undertaking ongoing customer due diligence) in relation to a customer to whom the reporting entity provides a designated service, or proposed or proposes to provide a designated service.

The reporting entity must retain, until the end of the 7 year period that begins when the business relationship ends or the reporting entity completes the provision of the occasional transaction, records that:

are reasonably necessary to demonstrate compliance with the reporting entity’s obligations under Part 2; and

are in the English language, or in a form in which the records are readily accessible and readily convertible into writing in the English language.

Without limiting paragraph (2)(a), the records must include:

sufficient and accurate records which demonstrate the type and content of the data collected by the reporting entity in relation to the customer for the purposes of complying with section 28 or 30; and

records of any analysis, identification or assessment of ML/TF risk, or decision making, undertaken by the reporting entity in relation to the customer for the purposes of complying with section 28 or 30.

Subsection (2) is a civil penalty provision.

the customer due diligence is under section 28 (undertaking initial customer due diligence) or 30 (undertaking ongoing customer due diligence).

the customer due diligence is under section 28 or 30.

subsection 111(2) (which deals with retaining records relating to customer due diligence);

in complying with subsection 28(1) or 30(1); or

land in Australia or a foreign country; and

land the subject of a subdivision arrangement.

any of the following interests in land in Australia:

a fee simple interest;

a leasehold interest;

a land use entitlement; or

an interest, estate, right or entitlement in land in a foreign country that:

is equivalent to an interest mentioned in paragraph (a); or

otherwise confers ownership rights on the holder of that interest, estate; right or entitlement; or

an interest prescribed by the regulations;

incorporeal hereditaments;

the interest of a mortgagee;

a leasehold interest under a lease for a term (excluding options for further terms) of 30 years or less;

any other interest, estate, right or entitlement in land in a foreign country that is equivalent to an interest mentioned in paragraph (d), (e) or (f);

an interest prescribed by the regulations.

an arrangement:

under which the title (whether freehold or leasehold) to a portion of land is subdivided into separate freehold or leasehold titles relating to smaller portions of land within the first‑mentioned portion; and

under which property that is common between the owners or occupiers of the smaller portions is owned or managed by a single body corporate (however described); and

that exists under a law, of the State or Territory in which the land is located, relating to “strata titles”, “community titles”, “unit titles”, “cluster titles” or something referred to by another term reflecting the features referred to in subparagraphs (i) and (ii); or

an arrangement under which:

a body corporate owns an interest (whether freehold or leasehold) in land; and

under the constitution of the body corporate, a holder of shares in the body has, or may be granted, a right to occupy or use some or all of the land, whether the right is by way of a lease or licence or otherwise; or

an arrangement in relation to which all of the following subparagraphs apply:

under the arrangement, an interest (whether freehold or leasehold) in land is held on trust;

under the terms of the trust, a holder of an interest in the trust has, or may be granted, a right to occupy or use part of the land, whether the right is by way of a lease or licence or otherwise;

the trustee of the trust is a body corporate;

there are at least 2 distinct parts of the land for which subparagraph (ii) is satisfied.

Table 5 is as follows:

is in the form of a bar, coin, ingot, plate, wafer or like form of mass; and

bears a mark or characteristic generally accepted as identifying and guaranteeing the fineness and quality of the gold, silver, platinum or palladium; and

is usually traded at a price that is determined by reference to the spot price of the gold, silver, platinum or palladium.