Commonwealth Consolidated Regulations

FINANCIAL TRANSACTION REPORTS REGULATIONS 1990 - REG 11A

         (1)   For the purposes of subparagraph (c) (v) of the definition of account information in subsection 3 (1) of the Act, the following information in relation to an account held in trust is prescribed:

                (a)    the name and address of the trustee; and

               (b)    the name of each beneficiary under the trust; and

                (c)    if the terms of the trust identify the beneficiaries by reference only to membership of a class -- details of the class.

         (2)   A cash dealer who provides account information on an account held in trust is not required to provide the information set out in subregulation (1) if the account is:

                (a)    held by, or operated in connection with, a superannuation fund; or

               (b)    held by:

                          (i)    the Commonwealth, a State, the Australian Capital Territory, the Northern Territory or the Territory of Norfolk Island; or

                         (ii)    a public authority; or

                        (iii)    a local government body.