Commonwealth Consolidated Acts

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

  (1)   The AML/CTF Rules may make provision for and in relation to the renewal of registrations by the AUSTRAC CEO under this Part.

  (2)   The AML/CTF Rules may provide for matters including, but not limited to, the following:

  (a)   the making of applications for renewal;

  (b)   the period within which applications for renewal may be made;

  (c)   the criteria for determining applications for renewal;

  (d)   entries in the Digital Currency Exchange Register in relation to renewal;

  (e)   the giving of notices relating to decisions on applications for renewal;

  (f)   review of decisions relating to applications for renewal;

  (g)   the period for which renewed registrations have effect.

  (3)   In particular, the AML/CTF Rules may provide that:

  (a)   if the registration of a person would otherwise cease at the end of the period of 3 years commencing on the day on which the registration took effect; and

  (b)   before the end of that period, an application for renewal of the registration was made to the AUSTRAC CEO within the period, and in the manner provided for, in the AML/CTF Rules;

the registration of the person continues in effect after the end of that period in accordance with the Rules.