Document ID: chunk:federal_register_of_legislation:C2004A05132:clause:1_24c
Version: federal_register_of_legislation:C2004A05132
Segment Type: clause
Provision Reference: sch 1 cl 24C
Character Range: 17701–19228

24C  Bullion seller to hold identification record for other parties to bullion transaction

 (1) A bullion seller must not enter into a bullion transaction unless the seller has an identification record for the other party, or for each other party, to the transaction.

Penalty: Imprisonment for 2 years.

Note: Subsection 4B(2) of the Crimes Act 1914 allows a court to impose in respect of an offence an appropriate fine instead of, or in addition to, a term of imprisonment. The maximum fine that a court can impose on an individual is worked out by multiplying the maximum term of imprisonment (in months) by 5, and then multiplying the resulting number by the amount of a penalty unit. The amount of a penalty unit is stated in section 4AA of that Act. If a body corporate is convicted of an offence, subsection 4B(3) of that Act allows a court to impose a fine that is not greater than 5 times the maximum fine that could be imposed by the court on an individual convicted of the same offence.

 (2) For the purposes of subsection (1), a bullion seller has an identification record for a party to a bullion transaction if, and only if, the seller is an identifying cash dealer and:
 (a) has carried out, and has a record of, the prescribed verification procedure to identify the party; or
 (b) has carried out, and has a record of, a verification procedure to identify the party, being a procedure approved by the Director for the seller;
whether or not the procedure was carried out in connection with the transaction.