Source: https://www.legislation.gov.au/Details/C2017A00130
Timestamp: 2020-04-09 00:45:26
Document Index: 467094102

Matched Legal Cases: ['art 1', 'art 2', 'art 3', 'art 4', 'art 5', 'art 6', 'art 7', 'art 6', 'art 6', 'art 6']

Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2017
Details: C2017A00130
- C2017A00130
Act No. 130 of 2017 as made
An Act to amend legislation relating to combating money laundering and terrorism financing, and for related purposes
Originating Bill: Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2017
C2017A00130
No. 130, 2017
Part 1—Objects of Act 3
Part 2—Digital currencies 4
Part 3—Remittance activities 22
Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 22
Part 4—Regulatory relief to industry 23
Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 23
Financial Transaction Reports Act 1988 24
Part 5—Investigation and enforcement 26
Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 26
Part 6—Revision of definitions 33
Part 7—Other regulatory matters 35
This Act is the Anti‑Money Laundering and Counter‑Terrorism Financing Amendment Act 2017.
(F2018N00019)
• Providers of registrable designated remittance services or registrable remittance network services must be registered with the AUSTRAC CEO.
• Providers of registrable digital currency exchange services must be registered with the AUSTRAC CEO.
4 Section 5 (definition of e‑currency)
5 Section 5 (paragraph (c) of the definition of money)
6 Section 5 (paragraph (d) of the definition of money)
7 Section 5 (definition of precious metal)
8 Section 5 (definition of property)
10 Section 5 (definition of registration)
11 Section 5 (paragraph (b) of the definition of threshold transaction)
12 Section 5 (after paragraph (c) of the definition of threshold transaction)
13 Section 5 (definition of threshold transaction)
14 Section 5 (note 2 at the end of the definition of threshold transaction)
Omit “e‑currency”, substitute “digital currency”.
Omit “e‑currency” (wherever occurring), substitute “digital currency”.
Part 6A—The Digital Currency Exchange Register
• This Part provides for a system of registration for providers of digital currency exchange services.
• Division 2 sets out offences and civil penalties in relation to the provision of registrable digital currency exchange services by persons who are not registered.
• Division 3 requires the AUSTRAC CEO to maintain the Digital Currency Exchange Register and sets out the process of applying for registration.
Division 2—Restrictions on providing digital currency exchange services
(1) A person (the first person) must not provide a registrable digital currency exchange service to another person if the first person is not a registered digital currency exchange provider.
Division 3—Registration of persons
(b) the compliance or non‑compliance of the applicant, or any other person, with this Act or any other law;
Division 4—Basis of registration
After “(a Part 6 infringement notice provision)”, insert “, subsection 76A(1) or (2) or 76P(1) (a Part 6A infringement notice provision)”.
43 Section 5 (at the end of the definition of financial institution)
After “carrying on a”, insert “bullion‑dealing”.
After “with another person”, insert “that will involve a vostro account”.
corporate group means a group of 2 or more bodies corporate that are related to each other under section 50 of the Corporations Act 2001.
56 Subsection 3(1) (paragraph (c) of the definition of cash dealer)
57 Subsection 3(1) (subparagraphs (k)(i) and (iii) of the definition of cash dealer)
Paragraph 191(2)(b) of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 as in force after the commencement of this item applies in relation to a contravention that occurs on or after that commencement.
76 Section 5 (paragraph (a) of the definition of eligible place)
77 Section 5 (at the end of the definition of investigating officer)
78 Section 5 (definition of signatory)
signatory, in relation to an account with an account provider, means the account holder or a person authorised by the account holder to manage or exercise effective control of the account, whether alone or jointly with one or more other persons.
79 Section 5 (definition of stored value card)
79A Section 5
betting instrument means a thing (whether real or virtual):
(a) that represents monetary value or digital currency value; and
(b) that is designed to be used for the purpose of, or for purposes which include:
(i) placing or making a bet; or
(ii) paying out winnings in respect of a bet;
(c) a gaming chip or token; or
(d) a thing that, under the AML/CTF Rules, is taken not to be a betting instrument.
79B Subsection 6(4) (table item 7)
After “gaming chips or tokens,”, insert “or betting instruments,”.
79C Subsection 6(4) (table item 8)
After “gaming chips or tokens” (wherever occurring), insert “, or betting instruments,”.
Senate on 7 December 2017]