ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 51B Reporting entities must enrol
ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 51B
Reporting entities must enrol(a) a person commences to provide a designated service; and
(b) the person's name is not entered on the Reporting Entities Roll;
the person must, no later than 28 days after the day on which the person commences to provide the designated service, apply under subsection 51E(1) for enrolment as a reporting entity.
(2) Subsection (1) does not apply if the person:
(a) has applied under subsection 51E(1) in relation to the provision of another designated service; and
(b) has not since requested under section 51G that the AUSTRAC CEO remove the person's name and enrolment details from the Reporting Entities Roll.
(2A) Subsection (1) does not apply if, when the person commences to provide the designated service, the person is already required under that subsection to apply for enrolment because of the provision of another designated service.
Continuing obligation to enrol
(a) a person is required under subsection (1) of this section to apply for enrolment by a particular time; and
(b) the person does not apply for enrolment by that time;
then the obligation to apply for enrolment continues until:
(c) the person applies for enrolment; or
(d) the person ceases to be a reporting entity;
(2C) A person who contravenes subsection (1) by failing to apply for enrolment as a reporting entity by a particular time (the enrolment deadline ) is taken to commit a separate contravention of that subsection on each day that occurs:
(a) on or after the day on which the enrolment deadline occurs; and
(b) on or before the day on which the person's obligation to apply for enrolment ends (see subsection (2B)).
(2D) To avoid doubt, a person does not contravene subsection (1) more than once on any particular day, even if the person commences to provide a designated service more than once on a particular day or during a particular period.
Civil penalty
(3) Subsection (1) is a civil penalty provision.