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

This section applies if an intermediary institution commences to provide the designated service covered by item 31 of table 1 in section 6 in relation to a transfer of value.

For exemptions, see section 67.

An intermediary institution may also have obligations under the Autonomous Sanctions Act 2011 and the Charter of the United Nations Act 1945 in relation to persons designated for targeted financial sanctions.

The intermediary institution must take reasonable steps to monitor whether it has received the information specified in the AML/CTF Rules relating to the transfer of value.

If the intermediary institution detects that it has not received all of the information mentioned in subsection (2), and the intermediary institution has not otherwise obtained the information, the intermediary institution must, in accordance with its AML/CTF program, do at least one of the following:

refuse to pass on the transfer message for the transfer of value;

take such other action as the intermediary institution determines.

See also section 26G (reporting entities must comply with AML/CTF policies).

In passing on a transfer message for a transfer of value, the intermediary institution must include:

information, of a kind specified in the AML/CTF Rules, that is received from the previous institution in the value transfer chain; or

information obtained in accordance with the intermediary institution’s AML/CTF program that is relevant to the transfer.

The intermediary institution must provide the information referred to in subsection (4) to another institution in the value transfer chain as soon as practicable after receiving a request from the institution for that information.

AML/CTF Rules made for the purposes of this section may make different provision in relation to different kinds of institutions, information, circumstances or any other matter. This does not limit subsection 33(3A) of the Acts Interpretation Act 1901.

Subsections (2), (4) and (5) are civil penalty provisions.