Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p133
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 371843–374804

Part
Part 10             Sections 104, 105, 106, 109, 110, 111, 112, 113, 114, 115, 116, 117, 118, 119 only

    45.3 The exemption in paragraph 45.2 only applies when a person, in the capacity of a debt collector, provides any of the following designated services as described in table 1 of subsection 6(2) of the AML/CTF Act:

         (a) item 6;

         (b) item 7;

         (c) item 8;

         (d) item 31;

         (e) item 32.

    45.4 In this Chapter:

         (1) 'debt' means an amount of money owed, including an alleged debt, where:

              (a) the customer is in default under the terms and conditions of the account; or

              (b) the customer is in default under the terms and conditions of the account and the provider of money (account provider) has declined the provision of further credit to the customer under the account; or

              (c) the account provider has terminated, cancelled, written off or charged off debt, by reason of the customer's default or continuing default in repaying the money;

         (2) 'alleged debt' means a debt where the debt collector has reasonable grounds for believing that the debt remains due, payable and owing by the debtor;

         (3) 'debt collector' means a person who collects debt in the course of carrying on a business of collecting debt.

Reporting entities should note that in relation to activities they undertake to comply with the AML/CTF Act, they will have obligations under the Privacy Act 1988, including the requirement to comply with the Australian Privacy Principles, even if they would otherwise be exempt from the Privacy Act. For further information about these obligations, please go to http://www.oaic.gov.au or call 1300 363 992.
CHAPTER 46 Special circumstances for the applicable customer identification procedure

    46.1 These Anti-Money Laundering and Counter-Terrorism Financing Rules (Rules) are made under section 229 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), for paragraphs 33(a) and 33(b) and subparagraph 34(1)(d)(i) of that Act.

    46.2 Under paragraph 33(a) and paragraph 33(b) of the AML/CTF Act, the services specified and relevant conditions are, in the capacity of an agent of a person, acquiring or disposing of a security or a derivative or a foreign exchange contract by a reporting entity on behalf of another person (customer) under item 33 of table 1 in subsection 6(2) of the AML/CTF Act where the transaction occurs on a prescribed financial market under the following conditions:

         (1) the reporting entity does not accept physical currency to fund the designated service; and

         (2) the reporting entity does not permit the customer to transfer, or otherwise part with, proceeds from a disposal of a security or derivative or a foreign exchange contract; and

         (3) the reporting entity does not re-sell, transfer, or otherwise