FINANCIAL TRANSACTION REPORTS ACT 1988

PART II - TRANSACTION REPORTS  

Division 1 - Cash transaction reports by cash dealers  

SECTION 9   EXEMPT CASH TRANSACTIONS  

9(1)   [Transactions between financial institution and another person]  

Subject to subsection (2), a significant cash transaction between a financial institution and another person is an exempt transaction, so far as the institution is concerned, if:


(a) the transaction has been entered in the institution ' s exemption register; or


(b) the transaction falls within a class of transactions entered in the institution ' s exemption register against the name of that person.

9(2)   [Exemption inconsistent with direction]  

Where the AUSTRAC CEO gives a financial institution a direction under subsection 11(3) , a significant cash transaction between the financial institution and another person is not an exempt transaction, so far as the institution is concerned, if exemption of the transaction would be inconsistent with the direction.

9(3)   [Transactions between financial institution and cash dealer]  

Where:


(a) a significant cash transaction between a financial institution and another person is an exempt transaction so far as the financial institution is concerned; and


(b) the other person is a cash dealer;

the transaction is also an exempt transaction so far as the cash dealer is concerned.

9(4)   [Transactions between licensee and clearing facility]  

A significant cash transaction is also an exempt transaction if it is between:


(a) a financial services licensee (as defined by section 761A of the Corporations Act 2001 ) whose licence covers dealing in derivatives (as defined by that section); and


(b) a clearing and settlement facility (as defined by that section) that is associated with a financial market (as defined by that section) of which the financial services licensee is a member.




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