Commonwealth Consolidated Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 75M

  (1)   A person who is registered under this Part as:

  (a)   a remittance network provider; or

  (b)   an independent remittance dealer; or

  (c)   a remittance affiliate of a registered remittance network provider that applied for registration on its own behalf (see paragraph   75B(1)(c));

must advise the AUSTRAC CEO of the following:

  (d)   any change in circumstances that could materially affect the person's registration;

  (e)   any matters specified in the AML/CTF Rules for the purposes of this paragraph.

  (2)   A registered remittance affiliate of a registered remittance network provider must advise the provider of the following:

  (a)   any change in circumstances that could materially affect the person's registration;

  (b)   any matters specified in the AML/CTF Rules for the purposes of this paragraph;

unless the affiliate applied for registration on its own behalf (see paragraph   75B(1)(c)).

  (3)   A registered remittance network provider must advise the AUSTRAC CEO of any changes notified to it under subsection   (2).

  (4)   A person who is required by this section to advise the AUSTRAC CEO or a registered remittance network provider of a change in circumstances or a matter must do so in accordance with the approved form, and:

  (a)   in the case of a requirement under subsection   (1) or (2)--within 14 days of the change in circumstances or the matter arising (however described); and

  (b)   in the case of a requirement under subsection   (3)--within 7 days of the registered remittance network provider concerned receiving the advice.

Civil penalty

  (5)   Subsections   (1), (2) and (3) are civil penalty provisions.