Reports by cash dealers of suspect transactions not reported under FTR Act or AMLCTF Act
7 Reports by cash dealers of suspect transactions not reported under FTR Act or AMLCTF Act
This section applies if—
a cash dealer is a party to a transaction; and
the cash dealer has reasonable grounds to suspect that information that the cash dealer has concerning the transaction—
may be relevant to the investigation of, or prosecution of a person for, an offence against the law of the State; or
may be of assistance in the enforcement of the Criminal Proceeds Confiscation Act 2002; and
the cash dealer is not required to report the transaction under any of the following provisions, whether or not the cash dealer is required to report the transaction under Division 1 of Part II of the FTR Act—
Division 2 of Part II of the FTR Act;
if the cash dealer is a reporting entity—Division 2, 3 or 4 of Part 3 of the AMLCTF Act.
The cash dealer must, as soon as practicable after forming the suspicion mentioned in subsection (1)(b), prepare a report of the transaction and communicate the information contained in it to the AUSTRAC CEO.Maximum penalty—400 penalty units or imprisonment for 2 years.
The report must—
be in the form approved by the AUSTRAC CEO for the purposes of section 16 of the FTR Act; and
contain the reportable details of the transaction; and
contain a statement of the grounds on which the cash dealer holds the suspicion mentioned in subsection (1)(b); and
be signed by the cash dealer.
The communication to the AUSTRAC CEO of the information contained in the report must be made—
by giving the AUSTRAC CEO a copy of the report; or
in another way approved by the AUSTRAC CEO.
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