Retention of records made or obtained under the repealed Financial Transaction Reports Act 1988
114B Retention of records made or obtained under the repealed Financial Transaction Reports Act 1988
This section applies to a reporting entity if, immediately before this section commences, the reporting entity is retaining a record or a copy of a record, for the purposes of Part III of the Financial Transaction Reports Act 1988, in relation to a customer to whom the reporting entity has provided, or is providing, a designated service.
The reporting entity must continue to retain the record, or a copy of the record, until the end of the first 7‑year period throughout the whole of which the reporting entity did not provide any designated services to the customer.
Civil penalty
Subsection (2) is a civil penalty provision.
Designated business groups
If:
a reporting entity is a member of a designated business group; and
such other conditions (if any) as are specified in the AML/CTF Rules are satisfied;
the obligation imposed on the reporting entity by subsection (2) may be discharged by any other member of the group.
9 Paragraph 121(2)(a)
Before “Financial”, insert “repealed”.
10 Subsection 123(10)
Before “Financial”, insert “repealed”.
11 At the end of subparagraph 124(1)(a)(i)
Add “of this Act or subsection 16(1) or (1A) of the repealed Financial Transaction Reports Act 1988”.
12 Subparagraph 124(1)(a)(iv)
Omit “section 41; and”, substitute “section 41 of this Act or subsection 16(1) or (1A) of the repealed Financial Transaction Reports Act 1988;”.
13 At the end of paragraph 124(1)(a)
Add:
information given under subsection 16(4) of the repealed Financial Transaction Reports Act 1988; and
14 Subparagraph 124(1)(b)(i)
After “subsection 41(2)”, insert “of this Act or subsection 16(1) or (1A) of the repealed Financial Transaction Reports Act 1988”.
15 Subparagraph 124(1)(b)(ii)
After “subsection 41(2)”, insert “of this Act or subsection 16(1) or (1A) of the repealed Financial Transaction Reports Act 1988”.
16 Subparagraph 124(1)(b)(iii)
After “subsection 41(2)”, insert “of this Act or subsection 16(1) or (1A) of the repealed Financial Transaction Reports Act 1988”.
17 Subparagraph 124(1)(b)(iv)
After “section 41”, insert “of this Act or subsection 16(1) or (1A) of the repealed Financial Transaction Reports Act 1988”.
18 At the end of subparagraph 124(1)(b)(v)
Add “of this Act or subsection 16(1) or (1A) of the repealed Financial Transaction Reports Act 1988”.
19 Paragraph 124(2)(b)
Before “Financial”, insert “repealed”.
20 Paragraph 126(3A)(c)
Before “Financial”, insert “repealed”.
21 Section 134
Before “Financial”, insert “repealed”.
22 Paragraph 175(3)(g)
Before “Financial”, insert “repealed”.
23 Subsection 184(4) (before paragraph (g) of the definition of designated infringement notice provision)
Insert:
subsection 114B(2) (which deals with retaining certain records made or obtained under the repealed Financial Transaction Reports Act 1988);
24 Subsection 209(1)
Before “Financial”, insert “repealed”.
25 Subsection 211(3)
Before “Financial”, insert “repealed”.
Division 2—Amendments of other Acts
Australian Securities and Investments Commission Act 2001
26 Section 243D
Repeal the section.
Commonwealth Electoral Act 1918
27 Subsection 90B(4) (table item 5)
Repeal the item.
28 Paragraph 90B(9)(b)
Omit “5,”.
29 Subsection 91A(2C)
Repeal the subsection.
30 Subsection 91B(3)
Omit “5,”.
Criminal Code Act 1995
31 Paragraphs 400.9(2)(a) and (d) of the Criminal Code
Before “Financial”, insert “repealed”.
Freedom of Information Act 1982
32 Subparagraph 7(2G)(a)(i)
Before “Financial”, insert “repealed”.
Proceeds of Crime Act 2002
33 Subsection 29(3)
Before “Financial”, insert “repealed”.
34 Section 338 (paragraphs (c), (d) and (e) of the definition of serious offence)
Before “Financial”, insert “repealed”.
Surveillance Devices Act 2004
35 Subsection 6(1) (paragraph (c) of the definition of relevant offence)
Before “Financial”, insert “repealed”.
Part 3—Transitional provisions
36 Reports of suspect transactions
Despite the repeal of the Financial Transaction Reports Act 1988 by this Schedule, section 16 of that Act (as in force immediately before the commencement of this item) continues to apply on and after that commencement, as if that section had not been repealed, in relation to a communication of information of a kind referred to in paragraph (5A)(a), (b) or (c) or (5AA)(a) or (b) of that section.
Schedule 12—Transitional rules
1 Transitional rules
The Minister may, by legislative instrument, make rules prescribing matters of a transitional nature (including prescribing any saving or application provisions) relating to the amendments or repeals made by this Act.
Without limiting subitem (1), rules made under this item before the end of the period of 4 years starting on the day this Schedule commences may provide that provisions of this Act, the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006, or any other Act or instrument, have effect with any modifications prescribed by the rules. Those provisions then have effect as if they were so modified.
To avoid doubt, the rules may not do the following:
create an offence or civil penalty;
provide powers of:
arrest or detention; or
entry, search or seizure;
impose a tax;
set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in this Act;
directly amend the text of this Act.
This Act (other than subitem (3)) does not limit the rules that may be made under this item.
[Minister’s second reading speech made in—
House of Representatives on 11 September 2024
Senate on 10 October 2024]
(109/24)
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