Commonwealth Consolidated Acts

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

When section applies

  (1)   This section applies if an application has been made under section   76D for registration of a person.

When AUSTRAC CEO must register a person

  (2)   The AUSTRAC CEO must decide to register the person in accordance with the application if the AUSTRAC CEO is satisfied that it is appropriate to do so, having regard to:

  (a)   whether registering the person would involve a significant money laundering, financing of terrorism or other serious crime risk; and

  (b)   such other matters (if any) as are specified in the AML/CTF Rules under this paragraph.

Note:   A decision not to register the person is reviewable (see Part   17A).

Matters that may be specified in the AML/CTF Rules

  (3)   Without limiting the matters that the AML/CTF Rules may specify under paragraph   (2)(b), the matters may relate to the following:

  (a)   offences of which the applicant for registration, or any other person, has been charged or convicted under the law of the Commonwealth, a State or Territory or a foreign country;

  (b)   the compliance or non - compliance of the applicant, or any other person, with this Act or any other law;

  (c)   the legal and beneficial ownership and control of the applicant, or any other person.

Notice of decision to register

  (4)   The AUSTRAC CEO must, as soon as practicable after deciding to register an applicant, give a written notice to the applicant.

Contents of notice of decision to register

  (5)   A notice under subsection   (4) must specify:

  (a)   the conditions (if any) to which the registration is subject (see section   76G); and

  (b)   the date on which the registration takes effect.