ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 45 Reports of international funds transfer instructions
ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 45
Reports of international funds transfer instructions(1) This section applies to a person if:
(a) the person is:
(i) the sender of an international funds transfer instruction transmitted out of Australia; or
(ii) the recipient of an international funds transfer instruction transmitted into Australia; and
(b) if the regulations provide that this paragraph is applicable--the total amount or value that is to be, or is, transferred is not less than the amount specified in the regulations; and
(c) such other conditions (if any) as are set out in the AML/CTF Rules are satisfied.
Note: International funds transfer instruction is defined by section 46.
(2) The person must, within 10 business days after the day on which the instruction was sent or received by the person, give the AUSTRAC CEO a report about the instruction.
(3) A report under subsection (2) must:
(a) be in the approved form; and
(b) contain such information relating to the matter as is specified in the AML/CTF Rules.
Note: For additional rules about reports, see section 244.
Civil penalty
(4) Subsection (2) is a civil penalty provision.
Funds transfer chain etc.
(5) For the purposes of this section, it is immaterial whether the person sent or received the international funds transfer instruction in the capacity of interposed institution in a funds transfer chain.
Note: For funds transfer chain , see subsection 64(2).
(6) This section does not apply to an international funds transfer instruction that is of a kind specified in the AML/CTF Rules.
(7) This section does not apply to an
international funds transfer instruction that is sent or received in
circumstances specified in the AML/CTF Rules.