Commonwealth Consolidated Acts Commonwealth Consolidated ActsIn this Act:
"account" includes:
(a) a credit card account; and
(b) a loan account (other than a credit card account); and
(c) an account of money held in the form of units in:
(i) a cash management trust; or
(ii) a trust of a kind prescribed by the AML/CTF Rules.
To avoid doubt, it is immaterial whether:
(d) an account has a nil balance; or
(e) any transactions have been allowed in relation to an account.
"account provider" : if an account is with a person, the person is the account provider for the account.
"acquiring" : in determining whether something is a designated service, acquiring includes anything that, under the regulations, is taken to be acquiring for the purposes of this definition.
"ADI" (short for authorised deposit - taking institution) means:
(a) a body corporate that is an ADI for the purposes of the Banking Act 1959 ; or
(b) the Reserve Bank of Australia; or
(c) a person who carries on State banking within the meaning of paragraph 51(xiii) of the Constitution.
"administrative action:" see subsection 228A(9).
"AFP member" (short for Australian Federal Police member) means a member or special member of the Australian Federal Police.
"agency" :
(a) a Department of the Commonwealth is taken to be an agency of the Commonwealth for the purposes of this Act;
(b) a Department of a State is taken to be an agency of the State for the purposes of this Act;
(c) a Department of a Territory is taken to be an agency of the Territory for the purposes of this Act.
"AGO" means that part of the Defence Department known as the Australian Geospatial - Intelligence Organisation, and includes any part of the Defence Force that performs functions on behalf of that part of the Department.
"allowing a transaction" : in determining whether a person has allowed a transaction, it is immaterial whether the person was obliged to allow the transaction.
"AML/CTF Rules" (short for Anti - Money Laundering/Counter - Terrorism Financing Rules) means the rules made under section 229.
"anti-money laundering and counter-terrorism financing program" has the meaning given by section 83.
"applicable customer identification procedure" : for the purposes of the application of this Act to customers of a reporting entity, applicable customer identification procedure has the meaning ascertained in accordance with:
(a) if all of the designated services provided by the reporting entity are covered by item 54 of table 1 in section 6, and there is no joint anti - money laundering and counter - terrorism financing program that applies to, and has been adopted by, the reporting entity:
(i) a special anti - money laundering and counter - terrorism financing program that applies to, and has been adopted by, the reporting entity; or
(ii) if the program has been varied on one or more occasions--the program as varied; or
(b) in any other case:
(i) Part B of an anti - money laundering and counter - terrorism financing program that applies to, and has been adopted by, the reporting entity; or
(ii) if the program has been varied on one or more occasions--Part B of the program as varied.
Note: Item 54 of table 1 in section 6 covers a holder of an Australian financial services licence who arranges for a person to receive a designated service.
"approved" means approved by the AUSTRAC CEO, in writing, for the purposes of the provision in which the term occurs.
Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901 .
"approved deposit fund" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .
"approved third-party bill payment system" means a bill payment system prescribed by the AML/CTF Rules.
"arrangement" includes:
(a) any agreement, arrangement, understanding, promise or undertaking, whether express or implied, and whether or not enforceable, or intended to be enforceable, by legal proceedings; and
(b) any scheme, plan, proposal, action, course of action or course of conduct, whether unilateral or otherwise.
"ASD" means the Australian Signals Directorate.
"ASIO" means the Australian Security Intelligence Organisation.
"ASIS" means the Australian Secret Intelligence Service.
"assessment" , in relation to an individual, means an assessment prepared or provided by a credit reporting body under paragraph 35B(1)(a) in relation to the individual.
"Attorney-General's Department" means the Department administered by the Attorney - General.
"AUSTRAC" means the Australian Transaction Reports and Analysis Centre continued in existence by section 209.
"AUSTRAC CEO" means the Chief Executive Officer of AUSTRAC.
"AUSTRAC entrusted person" means:
(a) the AUSTRAC CEO; or
(b) a member of the staff of AUSTRAC; or
(c) a person engaged as a consultant under subsection 225(1); or
(d) a person whose services are made available to the AUSTRAC CEO under subsection 225(3); or
(e) a member of a task force established by the AUSTRAC CEO under paragraph 212(1)(db); or
(f) the Director of AUSTRAC; or
(g) a person engaged as a consultant under repealed section 40A of the Financial Transaction Reports Act 1988 .
Note: The former office of Director of AUSTRAC was established under the Financial Transaction Reports Act 1988 .
AUSTRAC information means the following:
(a) information obtained by, or generated by, an AUSTRAC entrusted person under or for the purposes of this Act;
(b) information obtained by an AUSTRAC entrusted person under or for the purposes of any other law of the Commonwealth or a law of a State or a Territory;
(c) information obtained by an AUSTRAC entrusted person from a government body;
(d) FTR information (within the meaning of the Financial Transaction Reports Act 1988 ).
"Australia" , when used in a geographical sense, includes the external Territories.
"Australian account" means an account held in Australia.
"Australian carbon credit unit" has the same meaning as in the Carbon Credits (Carbon Farming Initiative) Act 2011 .
"Australian financial services licence" has the same meaning as in the Corporations Act 2001 .
"Australian government body" means:
(a) the Commonwealth, a State or a Territory; or
(b) an agency or authority of:
(i) the Commonwealth; or
(ii) a State; or
(iii) a Territory.
"authorised officer" means:
(a) the AUSTRAC CEO; or
(b) a person for whom an appointment as an authorised officer is in force under section 145.
"batched electronic funds transfer instruction" means an electronic funds transfer instruction accepted by an ADI or a bank from a particular payer, where:
(a) the transfer instruction is one of a particular batch of electronic funds transfer instructions accepted by the ADI or bank from the payer; and
(b) the batch is, or is to be, passed on or dispatched in a single file that includes the complete payer information in respect of each of the electronic funds transfer instructions in the batch.
"bearer negotiable instrument" has the meaning given by section 17.
"beneficiary institution" , in relation to an electronic funds transfer instruction:
(a) in the case of a multiple - institution person - to - person electronic funds transfer instruction--has the meaning given by subsection 8(1); or
(b) in the case of a same - institution person - to - person electronic funds transfer instruction--has the meaning given by subsection 8(2); or
(c) in the case of a multiple - institution same - person electronic funds transfer instruction--has the meaning given by subsection 9(1); or
(d) in the case of a same - institution same - person electronic funds transfer instruction--has the meaning given by subsection 9(2).
"bet" includes wager.
"betting instrument" means a thing (whether real or virtual):
(a) that represents monetary value or digital currency value; and
(b) that is designed to be used for the purpose of, or for purposes which include:
(i) placing or making a bet; or
(ii) paying out winnings in respect of a bet;
but does not include:
(c) a gaming chip or token; or
(d) a thing that, under the AML/CTF Rules, is taken not to be a betting instrument.
"bill of exchange" has the same meaning as in paragraph 51(xvi) of the Constitution, but does not include a cheque unless the cheque is a cheque that an ADI, bank or other institution draws on itself.
"borrow" has a meaning corresponding to loan .
"building society" includes a society registered or incorporated as a co - operative housing society or similar society under:
(a) a law of a State or Territory; or
(b) a law of a foreign country or a part of a foreign country.
"bullion" includes anything that, under the regulations, is taken to be bullion for the purposes of this Act.
"business" includes a venture or concern in trade or commerce, whether or not conducted on a regular, repetitive or continuous basis.
"business day" means a day other than a Saturday, a Sunday or a public or bank holiday in the place concerned.
"civil penalty order" means an order under section 175.
"civil penalty provision" means a provision declared by this Act to be a civil penalty provision.
"commence to provide a designated service" means:
(a) if the designated service is provided at an instant of time--provide the service; or
(b) if the designated service is provided over a period of time--begin to provide the service.
"commercial goods carrier" means a person who, in the normal course of a business, carries goods or mail for reward.
"commercial passenger carrier" means a person who, in the normal course of a business, carries passengers for reward.
"Commonwealth place" means:
(a) a Commonwealth place within the meaning of the Commonwealth Places (Application of Laws) Act 1970 ; or
(b) a place in a Territory, where the place is owned by the Commonwealth.
"Commonwealth Royal Commission" means a Royal Commission within the meaning of the Royal Commissions Act 1902 .
Commonwealth, State or Territory agency means any of the following:
(a) an agency, authority, body or organisation of the Commonwealth, a State or a Territory that has functions in relation to, or that is responsible for or deals with, law enforcement or investigation of corruption;
(b) an agency, authority, body or organisation of the Commonwealth, a State or a Territory that has functions in relation to, or that is responsible for or deals with, criminal intelligence, security intelligence, foreign intelligence or financial intelligence;
(c) an agency, authority, body or organisation of the Commonwealth, a State or a Territory that has functions in relation to the protection of the public revenue of the Commonwealth, a State or a Territory;
(d) an agency, authority, body or organisation of the Commonwealth, a State or a Territory that has regulatory functions;
(e) an agency, authority, body or organisation of the Commonwealth, a State or a Territory that has oversight functions under a law of the Commonwealth, a State or a Territory;
(f) a Department of the Commonwealth;
(g) a Commonwealth Royal Commission whose terms of reference include inquiry into whether unlawful conduct (however described) has, or might have, occurred;
(h) a State/Territory Royal Commission:
(i) whose terms of reference include inquiry into whether unlawful conduct (however described) has, or might have, occurred; and
(ii) that is specified in the AML/CTF Rules;
(i) any other agency, authority, body or organisation of the Commonwealth, a State or a Territory, being an agency, authority, body or organisation prescribed by the AML/CTF Rules;
(j) a task force that:
(i) is established by a Minister of the Commonwealth or of a State or Territory or established under a law of the Commonwealth, a State or a Territory; and
(ii) has functions of a kind described in paragraph (a), (b), (c) or (d);
(k) a person who holds an office or appointment under a law of the Commonwealth, a State or a Territory, being an office or appointment prescribed by the AML/CTF Rules.
"company" has the same meaning as in the Income Tax Assessment Act 1997 .
Note: Under the Income Tax Assessment Act 1997 , company includes an unincorporated association or body of persons.
"complete payer information" has the meaning given by section 71.
"compliance record" of a reporting entity means:
(a) a record that relates to the obligations under this Act, the regulations or the AML/CTF Rules of the reporting entity; or
(b) a record, copy or extract retained under Part 10 by the reporting entity.
"Comptroller-General of Customs" means the person who is the Comptroller - General of Customs in accordance with subsection 11(3) or 14(2) of the Australian Border Force Act 2015 .
"constitutional corporation" means a corporation to which paragraph 51(xx) of the Constitution applies.
"contribution" , in relation to an RSA, has the same meaning as in the Retirement Savings Accounts Act 1997 .
"controller" of an eligible gaming machine venue has the meaning given by section 13.
"control test" : passing the control test has the meaning given by section 11.
"corporate group" has the meaning given by subsection 123(12).
"correspondent banking relationship" means a relationship that involves the provision by a financial institution (the first financial institution ) of banking services to another financial institution, where:
(a) the first financial institution carries on an activity or business at or through a permanent establishment of the financial institution in a particular country; and
(b) the other financial institution carries on an activity or business at or through a permanent establishment of the other financial institution in another country; and
(c) the correspondent banking relationship relates, in whole or in part, to those permanent establishments; and
(d) the relationship is not of a kind specified in the AML/CTF Rules; and
(e) the banking services are not of a kind specified in the AML/CTF Rules.
For this purpose, banking service includes anything that, under the AML/CTF Rules, is taken to be a banking service for the purposes of this definition.
Note: For geographical links, see section 100.
"country" means Australia or a foreign country.
"credit card" has the same meaning as in Schedule 2 to the Competition and Consumer Act 2010 .
"credit reporting body" has the same meaning as in the Privacy Act 1988 .
"custodial or depository service" : see the definition of providing a custodial or depository service .
"customer" has the meaning given by section 6, and includes a prospective customer.
"customs officer" means an officer of Customs within the meaning of the Customs Act 1901 .
"damage" , in relation to data, includes damage by erasure of data or addition of other data.
"data" includes:
(a) information in any form; or
(b) any program (or part of a program).
"data storage device" means a thing containing, or designed to contain, data for use by a computer.
"debit card" has the same meaning as in Schedule 2 to the Competition and Consumer Act 2010 .
"debit card account" : if a debit card enables the holder of an account to debit the account, the account is a debit card account .
"Defence Department" means the Department administered by the Defence Minister.
"Defence Minister" means the Minister responsible for administering the Defence Act 1903 .
"Department" of Foreign Affairs and Trade means the Department administered by the Foreign Affairs Minister.
"derivative" has the same meaning as in Chapter 7 of the Corporations Act 2001 .
"designated business group" means a group of 2 or more persons, where:
(a) each member of the group has elected, in writing, to be a member of the group, and the election is in force; and
(b) each election was made in accordance with the AML/CTF Rules; and
(c) no member of the group is a member of another designated business group; and
(d) each member of the group satisfies such conditions (if any) as are specified in the AML/CTF Rules; and
(e) the group is not of a kind that, under the AML/CTF Rules, is ineligible to be a designated business group.
"designated infringement notice provision" has the meaning given by subsection 184(4).
"designated remittance arrangement" has the meaning given by section 10.
"designated service" has the meaning given by section 6.
"digital currency" means:
(a) a digital representation of value that:
(i) functions as a medium of exchange, a store of economic value, or a unit of account; and
(ii) is not issued by or under the authority of a government body; and
(iii) is interchangeable with money (including through the crediting of an account) and may be used as consideration for the supply of goods or services; and
(iv) is generally available to members of the public without any restriction on its use as consideration; or
(b) a means of exchange or digital process or crediting declared to be digital currency by the AML/CTF Rules;
but does not include any right or thing that, under the AML/CTF Rules, is taken not to be digital currency for the purposes of this Act.
"Digital Currency Exchange Register" has the meaning given by section 76B.
"DIO" means that part of the Defence Department known as the Defence Intelligence Organisation, and includes any part of the Defence Force that performs functions on behalf of that part of the Department.
"director" of a company includes a member of a body corporate incorporated for a public purpose by a law of the Commonwealth, a State or a Territory.
"Director-General of National Intelligence" means the Director - General of National Intelligence holding office under the Office of National Intelligence Act 2018 .
"disclose" means divulge or communicate.
"disposing of" : in determining whether something is a designated service, disposing of includes anything that, under the regulations, is taken to be disposing of for the purposes of this definition.
"electronic communication" has the same meaning as in the Criminal Code .
"electronic funds transfer instruction" means:
(a) a multiple - institution person - to - person electronic funds transfer instruction; or
(b) a same - institution person - to - person electronic funds transfer instruction; or
(c) a multiple - institution same - person electronic funds transfer instruction; or
(d) a same - institution same - person electronic funds transfer instruction.
"eligible gaming machine venue" has the meaning given by section 13.
"eligible international emissions unit" has the same meaning as in the Australian National Registry of Emissions Units Act 2011 .
"eligible place" means:
(b) a warehouse in respect of which a warehouse licence (within the meaning of Part V of the Customs Act 1901 ) is in force; or
(c) a port, airport, wharf or boarding station appointed under section 15 of the Customs Act 1901 .
"embarkation area" means a section 234AA place within the meaning of the Customs Act 1901 .
"engage in conduct" means:
(a) do an act; or
(b) omit to perform an act.
"enrolment details" , in relation to a person, means such information relating to the person as is specified in the AML/CTF Rules.
"entrusted investigating official" means:
(a) the Commissioner of the Australian Federal Police; or
(b) the Chief Executive Officer of the Australian Crime Commission; or
(c) the Commissioner of Taxation; or
(d) the Comptroller - General of Customs; or
(e) the National Anti - Corruption Commissioner; or
(f) an investigating officer.
"evidential burden" , in relation to a matter, means the burden of adducing or pointing to evidence that suggests a reasonable possibility that the matter exists or does not exist.
"examiner of the Australian Crime Commission" means an examiner within the meaning of the Australian Crime Commission Act 2002 .
"exempt financial market operator" issue of a security or derivative means the making available of the security or derivative, by the operator of a financial market (within the meaning of Chapter 7 of the Corporations Act 2001 ), in the course of operating the financial market.
"exempt legal practitioner service" means a service that, under the AML/CTF Rules, is taken to be an exempt legal practitioner service for the purposes of this Act.
"external auditor" means a person authorised under section 164 to be an external auditor for the purposes of this Act.
"factoring" includes anything that, under the regulations, is taken to be factoring for the purposes of this Act.
"false customer name" means a name other than a name by which the customer is commonly known.
"FATF Recommendations" (short for Financial Action Task Force Recommendations) means:
(a) all of the following Recommendations:
(i) the Forty Recommendations adopted by the Financial Action Task Force on Money Laundering (FATF) at its plenary meeting on 20 June 2003;
(ii) the Special Recommendations on Terrorist Financing adopted by the Financial Action Task Force on Money Laundering (FATF) at its special plenary meeting on 31 October 2001;
(iii) Special Recommendation IX on Terrorist Financing adopted by the Financial Action Task Force on Money Laundering (FATF) at its plenary meeting on 20 - 22 October 2004; or
(b) if any or all of those Recommendations are amended--the Recommendations as so amended.
Note: In 2006, the text of the FATF Recommendations was available on the FATF website (www.fatf - gafi.org).
"Federal Court" means the Federal Court of Australia.
"financial institution" means:
(a) an ADI; or
(b) a bank; or
(c) a building society; or
(d) a credit union; or
(e) a person specified in the AML/CTF Rules.
The AML/CTF Rules made under paragraph (e) may specify different persons to be financial institutions for the purposes of different provisions of this Act.
"financing of terrorism" means conduct that amounts to:
(a) an offence against section 102.6 or Division 103 of the Criminal Code ; or
(b) an offence against section 20 or 21 of the Charter of the United Nations Act 1945 ; or
(c) an offence against a law of a State or Territory that corresponds to an offence referred to in paragraph (a) or (b); or
(d) an offence against a law of a foreign country or a part of a foreign country that corresponds to an offence referred to in paragraph (a) or (b).
"Foreign Affairs Minister" means the Minister responsible for administering the Diplomatic Privileges and Immunities Act 1967 .
(a) a government body that has responsibility for:
(i) intelligence gathering for a foreign country; or
(ii) the security of a foreign country; or
(b) a government body that has responsibility for law enforcement or investigation of corruption in a foreign country or a part of a foreign country; or
(c) a government body that has responsibility for the protection of the public revenue of a foreign country; or
(d) a government body that has regulatory functions in a foreign country; or
(e) the European Police Office (Europol); or
(f) the International Criminal Police Organization (Interpol); or
(g) an international body prescribed by the regulations for the purposes of this paragraph.
"foreign country" includes a region where:
(a) the region is a colony, territory or protectorate of a foreign country; or
(b) the region is part of a foreign country; or
(c) the region is under the protection of a foreign country; or
(d) a foreign country exercises jurisdiction or control over the region; or
(e) a foreign country is responsible for the region's international relations.
"foreign exchange contract" means a contract:
(a) to buy or sell currency (whether Australian or not); or
(b) to exchange one currency (whether Australian or not) for another (whether Australian or not).
"funds transfer chain" has the meaning given by subsection 64(2).
"game" includes an electronic game, but does not include a lottery.
"gaming chip or token" means a chip or token for playing a game, where:
(a) the game is played for money or anything else of value; and
(b) the game is a game of chance or of mixed chance and skill.
"gaming machine" means a machine for playing a game, where:
(a) the game is played for money or anything else of value; and
(b) the game is a game of chance or of mixed chance and skill.
"government" body means:
(a) the government of a country; or
(b) an agency or authority of the government of a country; or
(c) the government of part of a country; or
(d) an agency or authority of the government of part of a country.
"guarantee" includes anything that, under the regulations, is taken to be a guarantee for the purposes of this Act.
"incorporated" includes formed. This definition does not apply to the expression unincorporated .
"information obtained" includes information obtained as a result of the production of a document.
"infringement notice" means an infringement notice under section 184.
"infringement notice provision" has the meaning given by subsection 184(1A).
"international funds transfer instruction" has the meaning given by section 46.
"investigating officer" means:
(a) a taxation officer; or
(b) an AFP member; or
(c) a customs officer (other than the Comptroller - General of Customs); or
(d) an examiner of the Australian Crime Commission; or
(e) a member of the staff of the Australian Crime Commission; or
(f) a National Anti - Corruption Commission officer.
"involves" includes relates to.
"issue" , when used in relation to a security or derivative, includes grant or otherwise make available. The time when a derivative is issued is to be worked out under subsection 761E(3) of the Corporations Act 2001 .
"joint anti-money laundering and counter-terrorism financing program" has the meaning given by subsection 85(1).
"lease" , when used in relation to goods, includes hire.
"life policy" means a life policy (within the meaning of the Life Insurance Act 1995 ), but does not include:
(a) a policy for which there is no prescribed minimum surrender value (other than that which may be provided for in the policy documentation and promotional material); or
(b) a regular premium policy to which paragraph (a) does not apply, where the amount, or the total of the amounts, payable by way of premium each year is not more than:
(i) $1,500; or
(ii) if a greater amount is specified in the AML/CTF Rules--that greater amount; or
(c) a single premium policy to which paragraph (a) does not apply, where the amount of the single premium is not more than:
(i) $3,000; or
(ii) if a greater amount is specified in the AML/CTF Rules--that greater amount; or
(d) a contract of consumer credit insurance (within the meaning of the Insurance Contracts Act 1984 ).
For the purposes of this definition, the question of whether a policy has a prescribed minimum surrender value is to be determined in accordance with prudential standards made under section 230A of the Life Insurance Act 1995 as in force from time to time.
"loan" includes:
(a) an advance of money; and
(b) the provision of credit or any other form of financial accommodation; and
(c) the payment of an amount for, on account of, on behalf of or at the request of a person where there is an obligation (whether expressed or implied) to repay the amount; and
(d) a transaction (whatever its terms or form) which in substance effects a loan of money;
but does not include:
(e) if goods (within the meaning of the Competition and Consumer Act 2010 ) are sold on credit--the provision by the seller of that credit; or
(f) if services (within the meaning of the Competition and Consumer Act 2010 ) are provided on credit--the provision by the provider of the service of that credit; or
(g) anything that, under the AML/CTF Rules, is taken not to be a loan for the purposes of this Act.
"make available" , when used in relation to money, includes reducing the balance of a loan account.
"managed investment scheme" has the same meaning as in the Corporations Act 2001 .
Note: A notified foreign passport fund is a managed investment scheme for the purposes of that Act, see section 1213E of that Act.
"member of the staff of the Australian Crime Commission" has the same meaning as in the Australian Crime Commission Act 2002 .
"modifications" includes additions, omissions and substitutions.
"monetary instrument" means any of the following:
(a) physical currency;
(b) a bearer negotiable instrument;
(c) a thing prescribed by the AML/CTF Rules.
"monetary instrument" amount for a monetary instrument means:
(a) for physical currency--the amount of the currency; or
(b) for a bearer negotiable instrument--the amount payable under the instrument; or
(c) for a thing prescribed by the AML/CTF Rules for the purposes of paragraph (c) of the definition of monetary instrument in this section--the amount worked out in accordance with the AML/CTF Rules.
"money" includes:
(a) physical currency; and
(b) money held in an account, whether denominated in Australian currency or any other currency; and
(c) money held on deposit, whether denominated in Australian currency or any other currency.
"money laundering" means conduct that amounts to:
(a) an offence against Division 400 of the Criminal Code ; or
(b) an offence against a law of a State or Territory that corresponds to an offence referred to in paragraph (a); or
(c) an offence against a law of a foreign country or of a part of a foreign country that corresponds to an offence referred to in paragraph (a).
"money laundering and terrorism financing risk assessment" has the meaning given by subsection 165(6).
"monitoring powers" has the meaning given by section 148.
"monitoring warrant" means a warrant issued under section 159.
"move" :
(a) move a monetary instrument into Australia has the meaning given by section 55; and
(b) move a monetary instrument out of Australia has the meaning given by section 56.
"multiple-institution person-to-person electronic funds transfer instruction" has the meaning given by subsection 8(1).
"multiple-institution same-person electronic funds transfer instruction" has the meaning given by subsection 9(1).
"National Anti-Corruption Commissioner" means the Commissioner within the meaning of the National Anti - Corruption Commission Act 2022 .
"National Anti-Corruption Commission officer" means a staff member of the NACC within the meaning of the National Anti - Corruption Commission Act 2022 .
"non-financier" means a person who is not:
(a) an ADI; or
(b) a bank; or
(c) a building society; or
(d) a credit union; or
(e) a person specified in the AML/CTF Rules.
"non-reportable cross-border movement of monetary instruments" means:
(a) a movement of one or more monetary instruments into Australia; or
(b) a movement of one or more monetary instruments out of Australia;
for which a report under section 53 is not required.
"non-reportable transaction" : if:
(a) a reporting entity commences to provide, or provides, a designated service to a customer; and
(b) the provision of the service involves a transaction; and
(c) the transaction is not a threshold transaction;
the transaction is a non - reportable transaction .
"notified foreign passport fund" has the same meaning as in the Corporations Act 2001 .
"offence" :
(a) a reference in this Act to an offence against a law of the Commonwealth (including this Act) includes a reference to an offence against section 6 of the Crimes Act 1914 that relates to such an offence; and
(b) a reference in this Act to a particular offence includes a reference to an offence against section 6 of the Crimes Act 1914 that relates to that particular offence.
Note: For other ancillary offences, see section 11.6 of the Criminal Code .
"officer" :
(a) a director or secretary of a company is taken to be an officer of the company for the purposes of this Act;
(b) a partner of a partnership is taken to be an officer of the partnership for the purposes of this Act;
(c) a trustee or manager of a trust is taken to be an officer of the trust for the purposes of this Act.
"official" has the meaning given by section 22.
"ONI" means the Office of National Intelligence.
"opening" , in relation to an account, means creating the account. To avoid doubt, it is immaterial whether:
(a) the account number has been given to the holder of the account; or
(b) the holder of the account, or any other signatory to the account, can conduct a transaction in relation to the account.
"ordering institution" , in relation to an electronic funds transfer instruction:
(a) in the case of a multiple - institution person - to - person electronic funds transfer instruction--has the meaning given by subsection 8(1); or
(b) in the case of a same - institution person - to - person electronic funds transfer instruction--has the meaning given by subsection 8(2); or
(c) in the case of a multiple - institution same - person electronic funds transfer instruction--has the meaning given by subsection 9(1); or
(d) in the case of a same - institution same - person electronic funds transfer instruction--has the meaning given by subsection 9(2).
"owner-managed branch" of an ADI has the meaning given by section 12.
"partnership" has the same meaning as in the Income Tax Assessment Act 1997 .
"payee" , in relation to an electronic funds transfer instruction:
(a) in the case of a multiple - institution person - to - person electronic funds transfer instruction--has the meaning given by subsection 8(1); or
(b) in the case of a same - institution person - to - person electronic funds transfer instruction--has the meaning given by subsection 8(2); or
(c) in the case of a multiple - institution same - person electronic funds transfer instruction--has the meaning given by subsection 9(1); or
(d) in the case of a same - institution same - person electronic funds transfer instruction--has the meaning given by subsection 9(2).
"payer" , in relation to an electronic funds transfer instruction:
(a) in the case of a multiple - institution person - to - person electronic funds transfer instruction--has the meaning given by subsection 8(1); or
(b) in the case of a same - institution person - to - person electronic funds transfer instruction--has the meaning given by subsection 8(2); or
(c) in the case of a multiple - institution same - person electronic funds transfer instruction--has the meaning given by subsection 9(1); or
(d) in the case of a same - institution same - person electronic funds transfer instruction--has the meaning given by subsection 9(2).
"permanent establishment" has the meaning given by section 21.
"person" means any of the following:
(a) an individual;
(b) a company;
(c) a trust;
(d) a partnership;
(e) a corporation sole;
(f) a body politic.
Note: See also sections 237 (partnerships), 238 (unincorporated associations) and 239 (trusts with multiple trustees).
"personal information" has the same meaning as in the Privacy Act 1988 .
"physical currency" means the coin and printed money (whether of Australia or of a foreign country) that:
(a) is designated as legal tender; and
(b) circulates as, and is customarily used and accepted as, a medium of exchange in the country of issue.
"police officer" means:
(a) an AFP member; or
(b) a member of the police force or police service of a State or Territory.
"prescribed foreign country" means a foreign country declared by the regulations to be a prescribed foreign country for the purposes of this Act.
"printed money" means money comprising a note printed, written or otherwise made on polymer, paper or any other material.
"produce" includes permit access to.
"promissory note" has the same meaning as in paragraph 51(xvi) of the Constitution.
"property" means any legal or equitable estate or interest in real or personal property, including a contingent or prospective one, but does not include money or digital currency.
"provide" includes supply, grant or confer.
"providing a custodial or depository service" includes engaging in conduct that, under subsection 766E(1) of the Corporations Act 2001 , constitutes providing a custodial or depository service, but does not include:
(a) conduct covered by subsection 766E(3) of that Act; or
(b) conduct specified in the AML/CTF Rules.
"public official" means:
(a) an employee or official of a government body; or
(b) an individual who holds or performs the duties of an appointment, office or position under a law of a country or of part of a country; or
(c) an individual who holds or performs the duties of an appointment, office or position created by custom or convention of a country or of part of a country; or
(d) an individual who is otherwise in the service of a government body (including service as a member of a military force, police force or police service); or
(e) a member of the executive, judiciary or magistracy of a country or of part of a country.
"qualified accountant" means a person who is a member of:
(a) CPA Australia; or
(b) Chartered Accountants Australia and New Zealand; or
(c) a body specified in the AML/CTF Rules.
"receives" a designated service : if a reporting entity provides a designated service to a customer, the customer receives the designated service from the reporting entity.
"registered charity" means an entity that is registered under the Australian Charities and Not - for - profits Commission Act 2012 as the type of entity mentioned in column 1 of item 1 of the table in subsection 25 - 5(5) of that Act.
"registered digital currency exchange provider" means a person registered under section 76E as a digital currency exchange provider.
"registered independent remittance dealer" means a person registered under section 75C as an independent remittance dealer.
"registered remittance affiliate" , of a registered remittance network provider, means a person registered under section 75C as a remittance affiliate of the registered remittance network provider.
"registered remittance network provider" means a person registered under section 75C as a remittance network provider.
"registrable designated remittance service" means a designated service that:
(a) is covered by item 31 or 32 of table 1 in section 6; and
(b) is provided by a person at or through a permanent establishment of the person in Australia; and
(c) is not of a kind specified in the AML/CTF Rules.
"registrable details" , in relation to a person, means such information relating to the person as is specified in the AML/CTF Rules.
Note: A person's business name and business address are examples of information that could be specified in the AML/CTF Rules.
"registrable digital currency exchange service" means a designated service that:
(a) is covered by item 50A of table 1 in section 6; and
(b) is not of a kind specified in the AML/CTF Rules.
"registrable remittance network service" means a designated service that:
(a) is covered by item 32A of table 1 in section 6; and
(b) is not of a kind specified in the AML/CTF Rules.
"registration" means:
(a) in, or in relation to, Part 6--registration as any of the following:
(i) a remittance network provider;
(ii) an independent remittance dealer;
(iii) a remittance affiliate of a registered remittance network provider; or
(b) in, or in relation to, Part 6A--registration as a digital currency exchange provider.
"remittance arrangement" has the meaning given by section 10.
"Remittance Sector Register" has the meaning given by section 75.
"reporting entity" means a person who provides a designated service.
"reporting entity business premises" means:
(a) premises, or a part of premises, used wholly or partly for the purposes of the business operations of:
(i) a reporting entity; or
(ii) an agent of a reporting entity; or
(b) premises, or a part of premises, used wholly or partly for the purposes of the storage (whether in electronic form or otherwise) of records relating to the business operations of:
(i) a reporting entity; or
(ii) an agent of a reporting entity;
where the occupier of the premises, or the part of premises, carries on a business of storing records at the premises or the part of premises.
"required transfer information" has the meaning given by section 70.
"resident" of a country has the meaning given by section 14.
"reviewable decision" has the meaning given by section 233B.
"RSA" (short for retirement savings account) has the same meaning as in the Retirement Savings Accounts Act 1997 .
"RSA provider" (short for retirement savings account provider) has the same meaning as in the Retirement Savings Accounts Act 1997 .
"same-institution person-to-person electronic funds transfer instruction" has the meaning given by subsection 8(2).
"same-institution same-person electronic funds transfer instruction" has the meaning given by subsection 9(2).
"Secretary" means the Secretary of the Department.
"security" has the meaning given by subsections 92(1) and (2) of the Corporations Act 2001 .
Note: Security includes an interest in a managed investment scheme (or a notified foreign passport fund which is a managed investment scheme for the purposes of that Act, see section 1213E of that Act).
"self managed superannuation fund" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .
"send" , in relation to a monetary instrument, includes send through the post.
"service" includes anything covered by an item of a table in section 6.
"shell bank" has the meaning given by section 15.
"signatory" , in relation to an account with an account provider, means the account holder or a person authorised by the account holder to manage or exercise effective control of the account, whether alone or jointly with one or more other persons.
"sinking fund policy" has the same meaning as in the Life Insurance Act 1995 .
"special anti-money laundering and counter-terrorism financing" program has the meaning given by subsection 86(1).
"standard anti-money laundering and counter-terrorism financing program" has the meaning given by subsection 84(1).
"state of mind" of a person includes:
(a) the knowledge, intention, opinion, suspicion, belief or purpose of the person; and
(b) the person's reasons for the intention, opinion, belief or purpose.
"State/Territory Royal Commission" means:
(a) a Royal Commission of a State or Territory; or
(b) a commission of inquiry of a State or Territory.
"stored value card" means a thing (whether real or virtual):
(a) that stores monetary value in a form other than physical currency; or
(b) that gives access to monetary value stored in a form other than physical currency; or
(c) that is declared to be a stored value card by the AML/CTF Rules;
but does not include:
(d) a debit card or a credit card (whether real or virtual) linked to an account provided by a financial institution; or
(e) unless declared under paragraph (c):
(i) a thing that is intended to give access to monetary value in a debit card or credit card account provided by a financial institution; or
(ii) a gaming chip or token, or a betting instrument; or
(iii) a thing that stores, or gives access to, digital currency; or
(f) a thing that, under the AML/CTF Rules, is taken not to be a stored value card.
"subject to a requirement" includes subject to a prohibition.
"subsidiary" has the same meaning as in the Corporations Act 2001 .
"superannuation fund" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .
"suspicious matter reporting obligation" has the meaning given by subsection 41(1).
"taxation law" has the same meaning as in the Taxation Administration Act 1953 .
"taxation officer" means:
(a) a Second Commissioner of Taxation; or
(b) a Deputy Commissioner of Taxation; or
(c) a person appointed or engaged under the Public Service Act 1999 and performing duties in the Australian Taxation Office.
"threshold transaction" means:
(a) a transaction involving the transfer of physical currency, where the total amount of physical currency transferred is not less than $10,000; or
(c) if:
(i) the regulations provide that this definition applies to a specified transaction involving money; and
(ii) the regulations provide that a specified amount is the transaction threshold for the specified transaction;
the specified transaction, where the total amount transferred is not less than the transaction threshold for the transaction; or
(ca) if:
(i) the regulations provide that this definition applies to a specified transaction involving digital currency; and
(ii) the regulations provide that a specified amount is the transaction threshold for the specified transaction;
the specified transaction, where the total amount transferred is not less than the transaction threshold for the transaction; or
(d) if:
(i) the regulations provide that this definition applies to a specified transaction involving the transfer of property; and
(ii) the regulations provide that a specified amount is the transaction threshold for the specified transaction;
the specified transaction, where the total value transferred is not less than the transaction threshold for the transaction.
Paragraph (a) does not limit paragraph (c).
Note 1: See also section 18 (translation of foreign currency to Australian currency).
Note 2: See also section 19 (translation of digital currency to Australian currency).
Note 3: For specification by class, see subsection 13(3) of the Legislation Act 2003 .
"tracing information" has the meaning given by section 72.
"transaction" includes a transaction of a non - commercial nature.
"transfer" includes any act or thing, or any series or combination of acts or things, that may reasonably be regarded as the economic equivalent of a transfer (for example, debiting an amount from a person's account and crediting an equivalent amount to another person's account).
"transferor entity" , in relation to a remittance arrangement, has the meaning given by paragraph 10(3)(a).
"trust" means a person in the capacity of trustee or, as the case requires, a trust estate.
"trustee" has the same meaning as in the Income Tax Assessment Act 1997 .
"trust estate" has the same meaning as in the Income Tax Assessment Act 1997 .
"ultimate transferee entity" , in relation to a remittance arrangement, has the meaning given by paragraph 10(3)(b).
"unincorporated association" means an unincorporated association or body of persons.
"unique reference number" , for an electronic funds transfer instruction, means a combination of any or all of the following:
(a) letters;
(b) digits;
(c) characters;
(d) symbols;
which distinguishes the transfer instruction in a way that, either:
(e) alone; or
(f) in conjunction with any other information in the transfer instruction;
enables the ordering institution to identify the payer.
Examples:
(a) a combination of a BSB and account number;
(b) a reference number generated by the ordering institution.
"value" , in relation to transferred property, means the market value of the property as at the time of the transfer. In working out the market value of the property, disregard anything that would prevent or restrict conversion of the property to money.
"verification request" , in relation to an individual, means a request made by a reporting entity under paragraph 35A(1)(b) for an assessment in relation to the individual.
"warrant premises" , in relation to a monitoring warrant, means the premises to which the warrant relates.