Commonwealth Consolidated Acts Commonwealth Consolidated Acts
1 Section 5
Insert:
"enrolment details" , in relation to a person, means such information relating to the person as is specified in the AML/CTF Rules.
2 After Part 3
Insert:
Part 3A -- Reporting Entities R oll
The following is a simplified outline of this Part:
• Providers of designated service s must be entered on the Reporting Entities R oll .
51B Reporting entities must enrol
(1) If a person's name is not entered on the Reporting Entities R oll , the person must:
(a) if the person provided a designated service during the period of 28 days before the commencement of this section-- apply in writing to the AUSTRAC CEO under subsection 51E(1) within 28 days after the commencement of this section; or
(b) if the person commences to provide a designated service after the commencement of this section -- apply in writing to the AUSTRAC CEO under subsection 51E(1) within 28 days after commencing t o provide the designated service .
(2) Subsection ( 1) does not apply if the person:
(a) has applied under subsection 51E(1) in relation to the provision of another designated service; and
(b) has not since requested under section 51G that the AUSTRAC CEO remove the person's name and enrolment details from the Reporting Entities R oll .
Civil penalty
(3 ) Subsection ( 1) is a civil penalty provision.
(1) The AUSTRAC CEO must maintain a r oll for the purposes of this Part, to be known as the Reporting Entities R oll .
(2) Th e AUSTRAC CEO may maintain the Reporting Entities Roll by electronic means.
(3) The Reporting Entities Roll is not a legislative instrument.
(4) The AML/CTF Rules may make provision for and in relation to either or both of the following:
(a) the correction of entries in the Reporting Entities R oll ;
(b) any other matter relating to the administration or operation of the Reporting Entities R oll , including the removal of names and enrolment details from the Reporting Entities Roll .
If a person applies to the AUSTRAC CEO under subsection 51E(1) and the person's name is not already entered on the Reporting Entities R oll , the AUSTRAC CEO must enter on th e Reporting Entities R oll :
(a) the person's name; and
(b) the person's enrolment details.
51E Applications for enrolment
(1) A person may apply in writing to the AUSTRAC CEO for enrolment as a reporting entity.
(2) The application must:
(a) be in accordance with the approved form, or in a manner specified in the AML/CTF Rules ; and
(b) contain the information required by the AML/CTF Rules.
51F Enrolled persons to advise of change in enrolment details
(1) A person who is enrolled under this Part must advise the AUSTRAC CEO, in accordance with subsection ( 2), of any change in the person's enrolment details that is of a kind specified in the AML/CTF Rules.
(2) A person who is required by subsection ( 1) to advise the AUSTRAC CEO of a change in enrolment details must do so :
(a) within 14 days of the change arising ; and
(b) in accordance with the approved form , or in a manner specified in the AML/CTF Rules .
Civil penalty
(3) Subsection ( 1) is a civil penalty provision.
51G Removal of entries from the Reporting Entities R oll
(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 obligation s 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).