Commonwealth Consolidated Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 76A

Registrable digital currency exchange services

  (1)   A person (the first person ) must not provide a registrable digital currency exchange service to another person if the first person is not a registered digital currency exchange provider.

Breach of conditions

  (2)   A person must not breach a condition to which the registration of the person as a digital currency exchange provider is subject.

Offences

  (3)   A person commits an offence if:

  (a)   the person is subject to a requirement under subsection   (1) or (2); and

  (b)   the person engages in conduct; and

  (c)   the person's conduct breaches the requirement.

Penalty:   Imprisonment for 2 years or 500 penalty units, or both.

  (4)   Strict liability applies to paragraphs   (3)(b) and (c).

Note:   For strict liability , see section   6.1 of the Criminal Code .

  (5)   A person commits an offence if:

  (a)   the person is subject to a requirement under subsection   (1) or (2); and

  (b)   the person engages in conduct; and

  (c)   the person's conduct breaches the requirement; and

  (d)   the AUSTRAC CEO previously:

  (i)   gave the person a direction under subsection   191(2) in relation to subsection   (1) or (2) of this section; or

  (ii)   accepted an undertaking given by the person under section   197 in relation to subsection   (1) or (2) of this section; and

  (e)   that was the only occasion on which the AUSTRAC CEO previously gave such a direction to, or accepted such an undertaking from, the person.

Penalty:   Imprisonment for 4 years or 1,000 penalty units, or both.

  (6)   Strict liability applies to paragraphs   (5)(b) and (c).

Note:   For strict liability , see section   6.1 of the Criminal Code .

  (7)   A person commits an offence if:

  (a)   the person is subject to a requirement under subsection   (1) or (2); and

  (b)   the person engages in conduct; and

  (c)   the person's conduct breaches the requirement; and

  (d)   the AUSTRAC CEO previously:

  (i)   gave the person a direction under subsection   191(2) in relation to subsection   (1) or (2) of this section; or

  (ii)   accepted an undertaking given by the person under section   197 in relation to subsection   (1) or (2) of this section; and

  (e)   that was not the only occasion on which the AUSTRAC CEO previously gave such a direction to, or accepted such an undertaking from, the person.

Penalty:   Imprisonment for 7 years or 2,000 penalty units, or both.

  (8)   Strict liability applies to paragraphs   (7)(b) and (c).

Note:   For strict liability , see section   6.1 of the Criminal Code .

  (9)   A person commits an offence if:

  (a)   the person is subject to a requirement under subsection   (1) or (2); and

  (b)   the person engages in conduct; and

  (c)   the person's conduct breaches the requirement; and

  (d)   either:

  (i)   the person had previously been convicted of an offence against subsection   (3), (5) or (7), and that conviction has not been set aside or quashed; or

  (ii)   an order had previously been made against the person under section   19B of the Crimes Act 1914 in respect of an offence against subsection   (3), (5) or (7), and that order has not been set aside.

Penalty:   Imprisonment for 7 years or 2,000 penalty units, or both.

  (10)   Strict liability applies to paragraphs   (9)(b) and (c).

Note:   For strict liability , see section   6.1 of the Criminal Code .

Civil penalty

  (11)   Subsections   (1) and (2) are civil penalty provisions.