Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p118
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 330338–333486

or has transferred, all or part of its assets or liabilities pursuant to Part 3 of the FSA;

          (3) 'transferring customer' means a customer who is a customer of reporting entity two in relation to a designated service solely because of the transfer of all or part of the assets or liabilities of reporting entity one to reporting entity two or the assignment, conveyance, sale or transfer of the whole or a part of the business from reporting entity one.

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 29 Record-keeping obligations under section 107

     29.1 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 paragraph 107(1)(b) of that Act.

     29.2 For paragraph 107(1)(b) of the AML/CTF Act the following records are declared to be exempt:

          (1) customer-specific documents (such as account statements), correspondence and publicly-available statements, forms and documents which a reporting entity routinely provides to its customers, such as disclosure statements, financial or investment analysis or summary reports;

          (2) product or service information, which replicate information retained as a record by the reporting entity;

          (3) general correspondence with customers, such as, but not limited to, promotional materials and general correspondence relating to fees, service charges, interest rate changes, terms and conditions, technology changes and legislative changes which are not specific to a particular customer;

          (4) overdrawn notices and accompanying correspondence;

          (5) information provided to a customer of a reporting entity on the methods by which a designated service is to be delivered;

          (6) correspondence or similar documents provided by a reporting entity to a customer which relate to, or otherwise document, product or service enquiries or comments from customers, such as customer experience records or requests for information on a product;

          (7) records of interviews or conversations with customers, such as recordings of phone conversations where instructions are received from the customer unless the information contained in such interviews or conversations relates to a reporting obligation under the AML/CTF Act;

          (8) a record of information created by the use of an optical surveillance device;

          (9) an electronic file created solely for the purpose of submitting electronic reports to AUSTRAC in a manner and form approved by the AUSTRAC CEO for the purposes of paragraph 244(2)(b) of the AML/CTF Act.

     29.3 In this Chapter:

          (1) 'optical surveillance device' has