FINANCIAL TRANSACTION REPORTS ACT 1988

PART II - TRANSACTION REPORTS  

Division 3 - Reports of international funds transfer instructions  

SECTION 17B   REPORTS OF INTERNATIONAL FUNDS TRANSFER INSTRUCTIONS  

17B(1)   [Cash dealers required to report]  

If:


(a) before 12 March 2010, a cash dealer in Australia is:


(i) the sender of an international funds transfer instruction transmitted out of Australia; or

(ii) the recipient of an international funds transfer instruction transmitted into Australia; and


(b) at least one of the following applies:


(i) the cash dealer is acting on behalf of, or at the request of, another person who is not an ADI;

(ii) the cash dealer is not an ADI;

the dealer must, before the reporting time, prepare a report of the instruction.

17B(1A)   [ Reports of international funds transfer instructions]  

Subsection (1) does not apply in relation to an instruction if the cash dealer complies with section 45 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 in relation to the instruction.

17B(2)   [Form and contents of report]  

The report must be in the approved form and include the prescribed details.

17B(3)   [Report to be sent to AUSTRAC CEO]  

Subject to subsection (4), the report must be sent to the AUSTRAC CEO in the approved way and form before the reporting time.

17B(4)   [Exemption by AUSTRAC CEO]  

The AUSTRAC CEO may, by notice in the Gazette , declare that subsection (3) does not apply in relation to a cash dealer in relation to a report or a class of report.

17B(5)   [Retention of report]  

If, because of the operation of subsection (4), subsection (3) does not apply in relation to a report, the cash dealer must retain the report for 7 years.

17B(6)   [Instructions transmitted by cash dealer]  

For the purposes of this section, if a cash dealer transmits an instruction on behalf of, or at the request of, another person, the cash dealer is taken to be the sender of the instruction.

17B(7)   [Instructions transmitted by non-cash dealer]  

For the purposes of this section, if a person, not being a cash dealer, transmits an instruction on behalf of, or at the request of, a cash dealer, the cash dealer is taken to be the sender of the instruction.

17B(8)   [ " reporting time " ]  

In this section:

"reporting time"
, in relation to an instruction, means:


(a) if the instruction is transmitted into Australia - 14 days after the day that the transmission is received or such later time as is specified in the regulations;


(b) if the instruction is transmitted out of Australia - 14 days after the day that the instruction is transmitted or such later time as is specified in the regulations.




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