FINANCIAL TRANSACTION REPORTS ACT 1988 - SECT 17B Reports of international funds transfer instructions

FINANCIAL TRANSACTION REPORTS ACT 1988 - SECT 17B

  (1)   If:

  (a)   before 12   March 2010, a cash dealer in Australia 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)   at least one of the following applies:

  (i)   the cash dealer is acting on behalf of, or at the request of, another person who is not an ADI;

  (ii)   the cash dealer is not an ADI;

the dealer must, before the reporting time, prepare a report of the instruction.

  (1A)   Subsection   (1) does not apply in relation to an instruction if the cash dealer complies with section   45 of the Anti - Money Laundering and Counter - Terrorism Financing Act 2006 in relation to the instruction.

  (2)   The report must be in the approved form and include the prescribed details.

  (3)   Subject to subsection   (4), the report must be sent to the AUSTRAC CEO in the approved way and form before the reporting time.

  (4)   The AUSTRAC CEO may, by notice in the Gazette , declare that subsection   (3) does not apply in relation to a cash dealer in relation to a report or a class of report.

  (5)   If, because of the operation of subsection   (4), subsection   (3) does not apply in relation to a report, the cash dealer must retain the report for 7 years.

  (6)   For the purposes of this section, if a cash dealer transmits an instruction on behalf of, or at the request of, another person, the cash dealer is taken to be the sender of the instruction.

  (7)   For the purposes of this section, if a person, not being a cash dealer, transmits an instruction on behalf of, or at the request of, a cash dealer, the cash dealer is taken to be the sender of the instruction.

  (8)   In this section:

"reporting time" , in relation to an instruction, means:

  (a)   if the instruction is transmitted into Australia--14 days after the day that the transmission is received or such later time as is specified in the regulations;

  (b)   if the instruction is transmitted out of Australia--14 days after the day that the instruction is transmitted or such later time as is specified in the regulations.