Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2015 (No. 2)
Anti-Money Laundering and Counter-Terrorism Financing Act 2006
I, Paul Jevtovic APM, Chief Executive Officer, Australian Transaction Reports and Analysis Centre, make this Instrument under section 229 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
Dated 1 November 2015
[signed]
Paul Jevtovic APM
Chief Executive Officer
Australian Transaction Reports and Analysis Centre
1 Name of Instrument
This Instrument is the Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2015 (No. 2).
2 Commencement
This Instrument commences on the day after it is registered.
3 Amendment
(a) Schedule 1 amends the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1).
(b) Schedule 2 amends the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1).
Schedule 1 Amendment of the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1).
1. Chapter 4
Item 1 After the note below subparagraph 4.13.4
Insert
Part 4.14 Exemptions relating to the identification of beneficial owners and politically exposed persons
4.14.1 The requirements in Parts 4.12 and 4.13 of these Rules do not apply to a reporting entity which:
(1) provides a designated service of the type specified in Column 1; and
(2) is exempt from Division 4 of Part 2 of the AML/CTF Act in accordance with the circumstances and conditions of the AML/CTF Act or AML/CTF Rules specified in Column 2;
of the following table:
Column 1 – Relevant designated service in subsection 6(2), 6(3) or 6(4) of the AML/CTF Act | Column 2 – AML/CTF Act and AML/CTF Rules references relevant to the exemptions |
Multiple tables – Financial Services, Bullion and Gambling services |
|
Any of the designated services in tables 1, 2 or 3 | Chapter 28 – Applicable customer identification procedures in certain circumstances – assignment, conveyance, sale or transfer of businesses |
Any of the designated services in tables 1, 2, or 3 | Chapter 50 – Exemption from applicable customer identification procedure in certain circumstances |
Item 50 of table 1 or item 14 of table 3 | Paragraph 14.4 in Chapter 14 – Thresholds for certain designated services |
Table 1 – Financial Services |
|
Any of the designated services | Chapter 66 – Applicable customer identification procedures in certain circumstances – compulsory partial or total transfer of business made under the Financial Sector (Business Transfer and Group Restructure) Act 1999 |
Items 40, 42 or 44 | Subsection 39(6) |
Items 2 or 3 | Chapter 35 – Exemption from applicable customer identification procedures for correspondent banking relationships |
Items 6 or 7 | Chapter 39 – Exemption from applicable customer identification procedures – premium funding loans for a general insurance policy |
Items 6, 7, 8, 31, 32, 51 and 53 | Chapter 45 – Debt collection |
Item 17 | Paragraph 14.2 in Chapter 14 - Thresholds for certain designated services |
Items 25 or 26 | Paragraph 14.3 in Chapter 14 - Thresholds for certain designated services |
Item 33 | Chapter 38 – Exemption from applicable customer identification procedures for the sale of shares for charitable purposes |
Item 33 | Chapter 49 – International Uniform Give-Up Agreements |
Items 35 or 46 | Chapter 67 -Warrants |
Item 43(a) | Part 41.2 in Chapter 41 – Exemption from applicable customer identification procedures – cashing out of low value superannuation funds and for the Departing Australia Superannuation Payment |
Items 43 or 45 | Part 41.3 in Chapter 41 - Exemption from applicable customer identification procedures – cashing out of low value superannuation funds and for the Departing Australia Superannuation Payment |
Table 2 - Bullion |
|
Items 1 or 2 | Chapter 33 – Applicable customer identification procedure for purchases and sales of bullion valued at less than $5000 |
Table 3 – Gambling services |
|
Items 5, 6, 9 and 10 | Chapter 52 – Persons who are licensed to operate no more than 15 gaming machines |
Schedule 2 Amendment of the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1).
1. Chapter 11
Item 1 After the subheading below paragraph 11.3, for paragraph 11.4
Repeal the paragraph, substitute:
11.4. For subsection 247(4) of the AML/CTF Act, subsections 47(1) and 47(2) of that Act are specified in relation to:
(1) the reporting period as specified in subparagraph 11.2 for 2015, and
(2) the lodgment period as specified in subparagraph 11.3 for 2016;
in the following circumstances:
(3) in the 2015 calendar year, the reporting entity is a registered remittance affiliate that only provides designated services of the kind set out in items 31 and 32 of table 1 in subsection 6(2) of the AML/CTF Act; or
(4) in the 2015 calendar year, the reporting entity is a registered remittance network provider that only provides a designated service of the kind set out in item 32A of table 1 in subsection 6(2) of the AML/CTF Act.