GAMBLING REGULATION ACT 2003 - SECT 3.7.3 Banking

GAMBLING REGULATION ACT 2003 - SECT 3.7.3

S. 3.7.3(1) amended by Nos 62/2017 s. 49(30), 28/2022 s. 60(a).

    (1)     Subject to subsection (1A), a venue operator must—

S. 3.7.3(1)(a) amended by Nos 64/2014 s. 39(2), 28/2022 s. 60(b).

        (a)     keep and maintain separate accounts, as approved by the Commission, at an ADI in the State for use for all banking transactions arising under this Chapter in relation to the venue operator; and

S. 3.7.3(1)(b) amended by No. 64/2014 s. 39(2).

        (b)     from time to time provide the Commission, as required, and in a form approved by the Commission, with a written authority addressed to the ADI referred to in paragraph (a) authorising that institution to comply with any requirements of an inspector exercising powers under this section.

Penalty:     100 penalty units.

S. 3.7.3(1A) inserted by No. 62/2017 s. 49(31).

    (1A)     If the approval of a venue under Part 3 is suspended, subsection (1) does not require a venue operator to do any of the following things during the period of the suspension in relation to the venue—

        (a)     to keep or maintain separate accounts as described in subsection (1)(a); or

        (b)     to provide a written authority described in subsection (1)(b) authorising the taking of any action.

S. 3.7.3(2) amended by No. 64/2014 s. 39(2).

    (2)     An inspector may, by notice in writing, require the manager or other principal officer of an ADI referred to in subsection (1) to provide the inspector with a statement of an account referred to in that subsection and any other particulars relating to the account that are specified in the notice.

    (3)     A person to whom a notice is given under subsection (2) must comply with the notice.

Penalty:     60 penalty units.

    (4)     An inspector cannot exercise a power under subsection (3) without the prior written approval of the Commission.