Division 1 - Cash transaction reports by cash dealers  


8A(1)   [Application by cash dealer]  

A cash dealer may apply in writing to the AUSTRAC CEO to be declared an identifying cash dealer.

8A(2)   [Written undertaking]  

An application must be accompanied by a written undertaking in the approved form, by which the applicant undertakes:

(a) to carry out the verification procedures under paragraph 20A(1)(b) , where that paragraph applies, and to take all reasonable steps to complete the procedures promptly in each case; and

(b) to report under section 16 in relation to information obtained by the applicant as a result of carrying out the procedures mentioned in paragraph (a); and

(c) to give the AUSTRAC CEO, in respect of such periods as are determined by the AUSTRAC CEO, written reports on the applicant's compliance with this Act; and

(d) to do such other things (if any) as are specified in the form.

8A(3)   [Signature by applicant]  

An application, and the undertaking accompanying it, must be signed by the applicant personally or, if the applicant is a body corporate, by its principal executive officer.

8A(4)   [Declaration by AUSTRAC CEO]  

On receipt of an application and an undertaking, the AUSTRAC CEO may, by notice in the Gazette , declare the applicant to be an identifying cash dealer if satisfied that such a declaration would not be inconsistent with the objects of this Act.

8A(5)   [Revocation or suspension of declaration]  

The AUSTRAC CEO may, by notice in the Gazette , revoke a declaration, or suspend it for a specified period or until a specified act is done, if satisfied that the relevant identifying cash dealer has failed to honour the undertaking given by the cash dealer under this section.

8A(6)   [Effect of revocation or suspension]  

A declaration stops being in force on its revocation or during a period when it is suspended.

8A(7)   [Forms to be used]  

The AUSTRAC CEO may, for the purposes of this section, approve different forms to be used by different classes of applicants.

8A(8)   [Definition]  

In this section:

"principal executive officer"
, in relation to a body corporate means the person who is for the time being its principal executive officer, whether or not the person is a director of the body corporate.

This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.