Commonwealth Consolidated Acts

FINANCIAL TRANSACTION REPORTS ACT 1988

TABLE OF PROVISIONS

           Long Title

   PART I--PRELIMINARY

   1.      Short title  
   2.      Commencement  
   3.      Interpretation  
   3A.     Translation of foreign currency to Australian currency  
   4.      Objects of Act  
   5.      Act to bind Crown  
   6.      Act to apply both within and outside Australia  
   6A.     Application of the Criminal Code  

   PART II--TRANSACTION--REPORTS

           Division 1--Cash transaction reports by cash dealers

   7.      Reports of significant cash transactions by cash dealers  
   8.      Approved cash carriers  
   8A.     Identifying cash dealers  
   9.      Exempt cash transactions  
   10.     Transactions eligible for exemption  
   11.     Financial institution may enter transactions in exemption register  
   12.     Financial institution to maintain exemption register  
   13.     AUSTRAC CEO to have access to exemption registers  

           Division 1A--Reports about transfers of currency

   15.     Reports in relation to transfer of currency into or out of Australia  

           Division 1B--Cash transaction reports by solicitors

   15A.    Reports of significant cash transactions  

           Division 2--Reports of suspect transactions

   16.     Reports of suspect transactions  
   17.     Protection for cash dealer etc. where information communicated under section 16  

           Division 3--Reports of international funds transfer instructions

   17B.    Reports of international funds transfer instructions  
   17C.    ADI acting on behalf of another ADI  
   17D.    No cause of action arises from compliance with section 17B  
   17E.    Legal action not to be taken under a foreign law as a result of cash dealers etc. providing information  
   17F.    Certain foreign judgments not to be recognised or enforced in Australia  

           Division 4--Information provided under other law

   17H.    Information provided under another law of the Commonwealth or a law of a State or Territory  
   17J.    Information provided to AUSTRAC from a foreign country  

   PART III--ACCOUNTS

   20.     Cash dealers to hold information  
   20A.    Identification record  
   21.     Identification references  
   21A.    Change of name  
   22.     Notice to AUSTRAC CEO if no primary identification document examined  
   23.     Cash dealer to keep documents  
   23A.    Active ADI accounts transferred to another ADI--obligations of ADIs in relation to records of information  
   23B.    Closed ADI accounts transferred to another ADI--obligations of ADIs in relation to records of information  
   24.     Opening account etc. in false name  

   PART IIIA--BULLION--SELLERS

   24A.    Definitions  
   24B.    Exemptions  
   24C.    Bullion seller to hold identification record for other parties to bullion transaction  
   24D.    Bullion seller to keep documents  

   PART IVA--POWERS--OF INSPECTION

   27A.    Authorised officers  
   27B.    Identity cards  
   27C.    Powers of inspection of premises of a cash dealer  
   27D.    Powers of inspection of premises of a solicitor  
   27E.    Notice to give access to business premises  

   PART V--ENFORCEMENT

   28.     Failure to provide information  
   29.     False or misleading information  
   30.     Incomplete information  
   31.     Offence to conduct transactions so as to avoid reporting requirements  
   32.     Injunction  
   33.     Questioning and search powers  
   33A.    Arrest without warrant  
   34.     Conduct by directors, employees or agents  

   PART VI--ADMINISTRATION

   38.     Functions of AUSTRAC CEO  

   PART VIA--RETAINING--FINANCIAL TRANSACTION DOCUMENTS

           Division 1--Meaning of key terms used in this Part

   40C.    Definitions  
   40D.    Meaning of customer - generated financial transaction document  
   40E.    Meaning of minimum retention period  

           Division 2--Retaining financial transaction documents

   40F.    Customer - generated financial transaction documents not relating to operation of accounts  
   40G.    Releasing original documents if required by law  
   40H.    Customer - generated financial transaction documents relating to operation of accounts  
   40J.    Retaining other financial transaction documents  

           Division 3--Obligations relating to active ADI accounts transferred to another ADI

   40K.    Transferor ADI must give documents to transferee ADI  
   40L.    Compliant transferor ADIs released from retention obligations  
   40M.    Retention obligations of transferee ADIs  

           Division 4--Obligations relating to closed ADI accounts transferred to another ADI

   40N.    Transferor ADI may give documents to transferee ADI  
   40P.    Compliant transferor ADIs released from retention obligations  
   40Q.    Retention obligations of transferee ADIs  

           Division 5--Miscellaneous

   40R.    Retrieving documents must be reasonably practicable  
   40S.    This Part does not limit any other retention obligations  

   PART VII--MISCELLANEOUS

   41.     Act not to limit Commissioner's powers  
   41A.    Exemptions by the AUSTRAC CEO  
   42.     Administrative Decisions (Judicial Review) Act 1977 not to apply to decisions under this Act  
   42A.    Amendment of Schedules by regulations  
   43.      Regulations  
           SCHEDULE 1 Reportable details for purposes of section 7
           SCHEDULE 2 Prescribed details for purposes of section 12
           SCHEDULE 3 Reportable details for purposes of section 15
           SCHEDULE 3A Reportable details for the purposes of section 15A
           SCHEDULE 4 Reportable details for purposes of section 16