Keep open notices—AUSTRAC oversight
39C Keep open notices—AUSTRAC oversight
This section applies if a senior member of an agency mentioned in subsection 39B(4) issues to a reporting entity:
a keep open notice under subsection 39B(1); or
an extension notice under subsection 39B(7).
The senior member of the agency must send a copy of the keep open notice or extension notice to the AUSTRAC CEO at the same time the notice is issued to the reporting entity.
The AUSTRAC CEO may revoke:
a keep open notice issued under subsection 39B(1); or
an extension notice under subsection 39B(7);
if the AUSTRAC CEO is satisfied that the notice does not comply with the requirements of this Act or the AML/CTF Rules.
If the AUSTRAC CEO revokes a notice under subsection (3), the AUSTRAC CEO must notify:
the agency that issued the notice; and
the reporting entity to whom the notice was issued.
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