ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 47 AML/CTF compliance reports
ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 47
AML/CTF compliance reports(1) This section applies if the AML/CTF Rules provide that, for the purposes of this section:
(a) a specified period is a reporting period; and
(b) a specified period beginning at the end of a reporting period is the lodgment period for that reporting period.
A period specified under paragraph (a) or (b) may be a recurring period.
(2) A reporting entity must, within the lodgment period for a reporting period, give the AUSTRAC CEO a report relating to the reporting entity's compliance with this Act, the regulations and the AML/CTF Rules during the reporting period.
(3) A report under subsection (2) must:
(a) be in the approved form; and
(b) contain such information as is required by the approved form.
Note: For additional rules about reports, see section 244.
Civil penalty
(4) Subsection (2) is a civil penalty provision.
(5) This section does not apply to a reporting entity if all of the designated services provided by the reporting entity are covered by item 54 of table 1 in section 6.
Note: Item 54 of table 1 in section 6 covers a holder of an Australian financial services licence who arranges for a person to receive a designated service.
(6) If a reporting entity is a member of a designated business group, the obligation imposed on the reporting entity by subsection (2) may be discharged by any other member of the group.
(7) If 2 or more reporting entities are members of a designated business group, reports under subsection (2) relating to those reporting entities may be set out in the same document.
(8) AML/CTF Rules made for the purposes of this section may make
different provision with respect to different reporting entities. This does
not limit subsection 33(3A) of the Acts Interpretation Act 1901 .