Schedules
3 Schedules
Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1—AML/CTF programs and business groups
Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006
1 Section 4
Omit:
• A reporting entity is a financial institution, or other person, who provides designated services. (Designated services are listed in section 6.)
substitute:
• A reporting entity is a person who provides designated services. (Designated services are listed in section 6.). Lead entities of certain business groups (known as reporting groups) are also reporting entities.
• A reporting entity must have and comply with an AML/CTF program.
2 Section 4
Omit:
• Reporting entities must have and comply with anti‑money laundering and counter‑terrorism financing programs.
3 Section 5
Insert:
AML/CTF compliance officer for a reporting entity means the individual designated as the AML/CTF compliance officer for the reporting entity under subsection 26J(1).
AML/CTF policies of a reporting entity:
means the policies, procedures, systems and controls of the reporting entity developed under section 26F; and
if the policies, procedures, systems and controls of the reporting entity are updated—includes the policies, procedures, systems and controls as updated.
AML/CTF program: see section 26B.
4 Section 5 (definition of anti‑money laundering and counter‑terrorism financing program)
Repeal the definition.
5 Section 5
Insert:
business group: see subsection 10A(3).
control has the meaning given by section 11.
6 Section 5 (definition of control test)
Repeal the definition.
7 Section 5 (definition of designated business group)
Repeal the definition.
8 Section 5
Insert:
governing body of a reporting entity means:
if the reporting entity is an individual—the individual; or
otherwise—the individual, or group of individuals, with primary responsibility for the governance and executive decisions of the reporting entity.
9 Section 5 (definition of joint anti‑money laundering and counter‑terrorism financing program)
Repeal the definition.
10 Section 5
Insert:
lead entity of a reporting group: see subsection 10A(5).
member of a reporting group or a business group: see subsection 10A(4).
ML/TF risk assessment of a reporting entity:
means the risk assessment undertaken by the reporting entity under section 26C; and
if the assessment is updated under section 26D—includes the risk assessment as updated.
11 Section 5 (definition of money laundering and terrorism financing risk assessment)
Repeal the definition.
12 Section 5
Insert:
proliferation financing means conduct that amounts to:
an offence against the Charter of the United Nations Act 1945, or regulations made under that Act, that is prescribed by regulations made under this Act for the purposes of this paragraph; or
an offence against the Autonomous Sanctions Act 2011, or a contravention of regulations made under that Act, that involves sanctions addressing the proliferation of weapons of mass destruction; or
an offence against the Autonomous Sanctions Act 2011, or a contravention of regulations made under that Act, that is prescribed by regulations made under this Act for the purposes of this paragraph; or
the provision of assets (including funds) or financial services, or other dealing with assets, in contravention of a law of the Commonwealth that:
implements an international agreement, convention or treaty relating to the proliferation of weapons of mass destruction; and
is prescribed by the regulations for the purposes of this paragraph; or
an offence against a law of a State or Territory that corresponds to an offence referred to in paragraph (a), (b), (c) or (d); or
an offence against a law of a foreign country or a part of a foreign country that corresponds to an offence referred to in paragraph (a), (b), (c), (d) or (e); or
an offence against a law of the Commonwealth, a State or a Territory that is prescribed by the regulations for the purposes of this paragraph.
13 Section 5 (definition of reporting entity)
Repeal the definition, substitute:
reporting entity means:
a person who provides a designated service; or
the lead entity of a reporting group.
14 Section 5
Insert:
reporting group: see subsection 10A(1).
senior manager of a reporting entity means an individual who makes, or participates in making, decisions that affect the whole, or a substantial part, of the business of the reporting entity.
15 Section 5 (definition of shell bank)
Omit “section 15”, substitute “section 94A”.
16 Section 5 (definition of special anti‑money laundering and counter‑terrorism financing program)
Repeal the definition.
17 Section 5 (definition of standard anti‑money laundering and counter‑terrorism financing program)
Repeal the definition.
18 After subsection 6(6)
Insert:
Designated services provided within business groups
Despite anything in this section, a service is not a designated service if:
any of the following apply:
a member of a business group provides the service to another member of the business group;
the service is of a kind described in item 48 of table 1 and the guarantor and borrower are members of the same business group;
the service is of a kind described in item 49 of table 1 and the guarantor and borrower are members of the same business group;
the service is of a kind specified in the AML/CTF Rules; and
the service is not of a kind specified in the AML/CTF Rules; and
the requirements (if any) specified in the AML/CTF Rules are met.
Item 48 of table 1 covers guaranteeing a loan, where the guarantee is given in the course of carrying on a business of guaranteeing loans.
Item 49 of table 1 covers making a payment, in the capacity of guarantor of a loan, to the lender, where the guarantee was given in the course of carrying on a business of guaranteeing loans.
19 Section 11
Repeal the section, substitute:
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