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

This section applies to a reporting entity if:

the reporting entity commences to provide a designated service covered by item 29 or 30 of table 1 in section 6 at or through a permanent establishment of the reporting entity in Australia; and

the service involves:

receiving virtual assets transferred from a self‑hosted virtual asset wallet; or

transferring virtual assets to a self‑hosted virtual asset wallet; and

the person who controls the self‑hosted virtual asset wallet has not been verified by the reporting entity in accordance with the reporting entity’s AML/CTF program.

The reporting entity must give the AUSTRAC CEO a report about the provision of the designated service within 10 business days after commencing to provide the service.

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.

Subsection (2) is a civil penalty provision.

This section does not apply to transfer of value 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.