Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p70
Version: federal_register_of_legislation:F2024C01198
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Character Range: 194274–197331

systems are prescribed:

         (1) BPAY;

         (2) DEFT; and

         (3) The Australian Payments Clearing Association Limited's direct entry system.

     13.3 In these Rules:

         (1) 'BPAY' means a national bill payment service provided by banks, building societies and credit unions registered with the BPAY scheme, that is accessed by a registered business' customer via the telephone or internet and which enables the registered business to collect payments from their customers electronically.

         (2) 'DEFT' means direct electronic funds transfer which is a payment, collection, receipting and reconciliation service that enables the payment of bills by customers registered with the DEFT scheme through the internet, BPAY, Australia Post offices, telephone or mail.

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 14 Thresholds for certain designated services

     14.1 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 subsection 39(4) of that Act.

     14.2 Subject to paragraph 14.5 below, Division 4 of Part 2 of the AML/CTF Act does not apply to a designated service that:

         (1) involves issuing a cheque that an ADI, bank or other institution draws on itself as described in the definition of 'bill of exchange' in section 5 of the Act as described in item 17 of table 1 in section 6; and

         (2) meets either of the following requirements:
            (a) the face value of the cheque is less than $5,000 (Australian or the foreign equivalent) and the cheque is drawn from an account held at the issuing:
                (i) ADI; or
                (ii) building society; or
                (iii) bank; or
                (iv) credit union; or
                (v) a representative office of a foreign bank; and
                (vi) the cheque contains details of a payee; or
            (b) where subparagraph 14.2(2)(a) does not apply:
                (i) the face value of the cheque is less than $1,000 (Australian or the foreign equivalent); and
                (ii) the cheque is funded by physical currency.

     14.3 Subject to paragraph 14.5 below, Division 4 of Part 2 of the AML/CTF Act does not apply to a designated service that:

         (1) involves issuing, cashing or redeeming a traveller's cheque or traveller's cheques as described in items 25 or 26 of table 1 in section 6; and

         (2) the total sum of the face value of the traveller's cheques issued, cashed or redeemed in any one transaction is less than $1,000 (Australian or the foreign equivalent).