Document ID: chunk:federal_register_of_legislation:C2024A00110:clause:10_39f
Version: federal_register_of_legislation:C2024A00110
Segment Type: clause
Provision Reference: sch 10 cl 39F
Character Range: 221716–222697

39F  Exemption—intermediary institutions
 (1) Divisions 1 to 6 do not apply to a designated service covered by item 31 of table 1 in section 6.
Note: Item 31 of table 1 in section 6 deals with an intermediary institution passing on a transfer message in a value transfer chain.
 (2) A reporting entity must monitor its customers, in relation to the provision of a designated service covered by item 31 of table 1 in section 6 at or through a permanent establishment of the reporting entity in Australia, to identify unusual transactions and behaviours of the customers (within the meaning of section 30) that may give rise to a suspicious matter reporting obligation.
Note: For suspicious matter reporting obligation, see section 41.
 (3) Subsection (2) is a civil penalty provision.
 (4) A reporting entity that contravenes subsection (2) commits a separate contravention of that subsection in respect of each designated service that the reporting entity provides to a customer.