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

This section applies to a reporting entity if:

the reporting entity commences to provide an international value transfer service at or through a permanent establishment of the reporting entity in Australia; and

such other conditions (if any) as are set out in the AML/CTF Rules are satisfied.

The reporting entity must give the AUSTRAC CEO a report about the provision of the international value transfer service within 10 business days after the reporting entity passes on or receives the transfer message for the transfer of value.

Subsection (2) does not apply if, within the 10 business day period mentioned in that subsection, the reporting entity:

reasonably determines that the transfer of value will not occur; and

takes reasonable steps to ensure that the transfer of value will not occur.

A report under subsection (2) must:

be in accordance with the approved form, or in a manner specified in the AML/CTF Rules; and

contain the information required by the AML/CTF Rules.

For additional rules about reports, see section 244.

The AML/CTF Rules may specify circumstances in which the obligation imposed on a reporting entity by subsection (2) must be discharged by an intermediary institution in the value transfer chain. If the AML/CTF Rules specify such circumstances, the obligation imposed by subsection (2) must be discharged by the intermediary institution in accordance with the AML/CTF Rules.

The obligation imposed on a reporting entity by subsection (2) may be discharged by an intermediary institution in the value transfer chain if:

the intermediary institution is an intermediary institution that provides, or will provide, the designated service covered by item 31 of table 1 in section 6; and

the reporting entity has entered into a written agreement or arrangement with the intermediary institution; and

the written agreement or arrangement enables the intermediary institution to comply with the obligation.

Subsections (2) and (5) are civil penalty provisions.

This section does not apply to an international value transfer service of a kind specified in the AML/CTF Rules.

This section does not apply to a transfer of value that occurs in circumstances specified in the AML/CTF Rules.