Commonwealth Consolidated Regulations

FINANCIAL TRANSACTION REPORTS REGULATIONS 1990 - REG 5A

         (1)   This regulation applies if a bullion seller enters into a bullion transaction with a company.

         (2)   Subject to subregulation (3), the bullion seller must obtain from the company:

                (a)    for a company having a certificate of registration under the Corporations Law -- a copy of that certificate:

                          (i)    issued by the Australian Securities Commission; or

                         (ii)    certified by a person under paragraph 8 (b) of the Statutory Declarations Act 1959 ; and

               (b)    for a company not issued with a certificate of registration but having a certificate of incorporation -- a copy of the certificate of incorporation certified by a person under paragraph 8 (b) of the Statutory Declarations Act 1959 ; and

                (c)    the following information:

                          (i)    its registration number allotted to it by the Australian Securities Commission;

                         (ii)    the address of its registered office;

                        (iii)    the address of its principal place of business; and

               (d)    if the person who is conducting the bullion transaction on behalf of the company is an employee of the company -- the following information about the person:

                          (i)    the person's full name;

                         (ii)    the position held by the person in the company; and

                (e)    if the person who is conducting the bullion transaction on behalf of the company is not an employee of the company but has authority to act for it -- the following information about the person:

                          (i)    the person's full name and workplace address;

                         (ii)    the person's relationship to the company;

                        (iii)    the authority under which the person is conducting the bullion transaction;

                        (iv)    the person's usual occupation.

Note    Section 24D of the Act sets out the requirements for a bullion seller to keep records made or obtained about a party to a bullion transaction.

         (3)   A bullion seller is taken to have complied with the requirements of paragraph 5A (2) (a) or (b) if:

                (a)    in the case of a company referred to in paragraph (2) (a) -- the bullion seller has sighted the company's certificate of registration and has:

                          (i)    made a copy of the certificate; and

                         (ii)    endorsed it as a true copy; or

               (b)    in the case of a company referred to in paragraph (2) (b) -- the bullion seller has sighted the company's certificate of incorporation and has:

                          (i)    made a copy of the certificate; and

                         (ii)    endorsed it as a true copy; or

                (c)    the company holds an account with the bullion seller and the bullion seller has retained account information relating to the company.

         (4)   If the bullion seller has obtained all relevant information from the company under subregulation (2), the company's identity is taken to have been verified.

         (5)   Verification of the identity of the company under subregulation (4) is worth 100 points.

         (6)   In this regulation:

"company" means a body registered or taken to be registered under Part 2.2 of the Corporations Law, or a body registered under Part 4.1 of the Corporations Law.