Commonwealth Consolidated Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 51G

  (1)   A person may, in writing, request the AUSTRAC CEO to remove the person's name and enrolment details from the Reporting Entities Roll.

  (2)   The request must:

  (a)   be in the approved form; and

  (b)   contain the information required by the AML/CTF Rules.

  (3)   The AUSTRAC CEO must consider the request and remove the person's name and enrolment details from the Reporting Entities Roll if the AUSTRAC CEO is satisfied that it is appropriate to do so, having regard to:

  (a)   whether the person has ceased to provide designated services; and

  (b)   the likelihood of the person providing a designated service in the financial year beginning after the request is given; and

  (c)   any outstanding obligations the person has (if any) to provide a report under any of the following provisions:

  (i)   section   43 (threshold transaction reports);

  (ii)   section   45 (international funds transfer instruction reports);

  (iii)   section   47 (AML/CTF compliance reports).