Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2017 (130 of 2017)

Schedule 1   Amendments

Part 5   Investigation and enforcement

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

63   Subsection 191(2)

Repeal the subsection, substitute:

(2) The AUSTRAC CEO may give the reporting entity a written direction requiring the reporting entity to do one or both of the following:

(a) to take specified action directed towards ensuring that the reporting entity does not contravene the civil penalty provision, or is unlikely to contravene the civil penalty provision, in the future;

(b) in the case of a contravention of subsection 43(2), 45(2) or 47(2) - to take specified action to remedy the contravention by giving the relevant report to the AUSTRAC CEO within a period specified in the direction.