Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p132
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 369171–372078

43.1 These Anti-Money Laundering and Counter-Terrorism Financing Rules (Rules) are made under section 229 for subsection 247(4) of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

    43.2 Subject to paragraph 43.3, the AML/CTF Act does not apply to a designated service that is of a kind described in:

         (1) item 37 of table 1 in subsection 6(2); or

         (2) item 38 of table 1 in subsection 6(2); or

         (3) item 39 of table 1 in subsection 6(2).

    43.3 The exemption in paragraph 43.2 applies if:

         (1) the person providing the designated service is a friendly society; and

         (2) the designated service is provided in relation to an approved benefit fund and the approved benefit fund rules state that the approved benefit fund:

              (a) is closed to new members; and

              (b) new policies cannot be written to the approved benefit fund.

43.4 In this Chapter:

         (1) 'approved benefit fund' has the meaning given by section 16B of the Life Insurance Act 1995 (Cth);

         (2) 'approved benefit fund rules' has the meaning given by section 16B of the Life Insurance Act 1995 (Cth);

         (3) 'friendly society' has the meaning given by section 16C of the Life Insurance Act 1995 (Cth).

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 45 Debt Collection

    45.1 These Anti-Money Laundering and Counter-Terrorism Financing Rules (Rules) are made under section 229 for subsection 247(4) of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

    45.2 For subsection 247(4), each class of provision of the AML/CTF Act contained in the following table is specified as not applying to a designated service provided in the circumstances as set out in paragraph 45.3 below:

Class of Provision  Application
Part 2, Division 2  Whole division
Part 2, Division 3  Whole division
Part 2, Division 4  Whole division
Part 2, Division 5  Whole division
Part 2, Division 6  Whole division
Part 2, Division 7  Sections 37, 38
Part 3, Division 3  Section 43 only
Part 3, Division 4  Section 45 only
Part 3, Division 5  Whole division
Part 3, Division 6  Section 50 only
Part 5              Whole Part
Part 6              Whole Part
Part 7              Whole 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