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

Divisions 1 to 6 do not apply to a designated service covered by item 31 of table 1 in section 6.

Item 31 of table 1 in section 6 deals with an intermediary institution passing on a transfer message in a value transfer chain.

A reporting entity must monitor its customers, in relation to the provision of a designated service covered by item 31 of table 1 in section 6 at or through a permanent establishment of the reporting entity in Australia, to identify unusual transactions and behaviours of the customers (within the meaning of section 30) that may give rise to a suspicious matter reporting obligation.

For suspicious matter reporting obligation, see section 41.

Subsection (2) is a civil penalty provision.

A reporting entity that contravenes subsection (2) commits a separate contravention of that subsection in respect of each designated service that the reporting entity provides to a customer.

Section 43 does not apply to a designated service that is:

provided by a reporting entity that is an ADI; and

provided to a customer that is an ADI.

Section 43 does not apply to a designated service that is:

provided by a reporting entity that is the holder of an exchange settlement account; and

provided to a customer that is the holder of an exchange settlement account; and

provided using the exchange settlement accounts held by the reporting entity and the customer.