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ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 191 Remedial directions

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 191

Remedial directions

  (1)   This section applies if the AUSTRAC CEO is satisfied that a reporting entity has contravened, or is contravening, a civil penalty provision (other than subsection   (4)).

  (2)   The AUSTRAC CEO may give the reporting entity a written direction requiring the reporting entity to do one or both of the following:

  (a)   to take specified action directed towards ensuring that the reporting entity does not contravene the civil penalty provision, or is unlikely to contravene the civil penalty provision, in the future;

  (b)   in the case of a contravention of subsection   43(2), 45(2) or 47(2)--to take specified action to remedy the contravention by giving the relevant report to the AUSTRAC CEO within a period specified in the direction.

  (3)   The following are examples of the kinds of direction that may be given to a reporting entity under paragraph   (2)(a):

  (a)   a direction that the reporting entity implement effective administrative systems for monitoring compliance with a civil penalty provision;

  (b)   a direction that the reporting entity implement a system designed to give the reporting entity's officers, employees and agents a reasonable knowledge and understanding of the requirements of a civil penalty provision, in so far as those requirements affect the officers, employees or agents concerned.

  (3A)   The AUSTRAC CEO:

  (a)   must not act under paragraph   (2)(b) if it appears to the AUSTRAC CEO that the contravention occurred more than 24 months before the day on which a direction would be issued; and

  (b)   must not act under paragraph   (2)(b) unless the AUSTRAC CEO has:

  (i)   assessed the risks that have arisen in view of the contravention; and

  (ii)   determined that giving a direction under that paragraph is an appropriate and proportionate response in the circumstances.

  (4)   A reporting entity must not contravene a direction under subsection   (2).

Civil penalty

  (5)   Subsection   (4) is a civil penalty provision.

Remedial direction is not a legislative instrument

  (6)   A direction under subsection   (2) is not a legislative instrument.