Commonwealth Consolidated Acts

FINANCIAL TRANSACTION REPORTS ACT 1988 - SECT 22

             (1)  If an identification reference for a signatory to an account is given to a cash dealer for the purposes of compliance with this Part and the reference states that the referee examined only a secondary identification document for the signatory, the cash dealer must give the AUSTRAC CEO written notice:

                     (c)  setting out sufficient details of the account for the account to be identified;

                     (d)  setting out the name used by the signatory in relation to the account; and

                     (e)  stating that the identification reference for the signatory was not supported by a primary identification document.

             (2)  A cash dealer who contravenes subsection (1) is guilty of an offence against this subsection punishable, upon conviction, by imprisonment for a period of not more than 2 years.

Note:          Subsection 4B(2) of the Crimes Act 1914 allows a court to impose in respect of an offence an appropriate fine instead of, or in addition to, a term of imprisonment. The maximum fine that a court can impose on an individual is worked out by multiplying the maximum term of imprisonment (in months) by 5, and then multiplying the resulting number by the amount of a penalty unit. The amount of a penalty unit is stated in section 4AA of that Act. If a body corporate is convicted of an offence, subsection 4B(3) of that Act allows a court to impose a fine that is not greater than 5 times the maximum fine that could be imposed by the court on an individual convicted of the same offence.