Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p215
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 596342–599595

to:

          1.                whether the applicant has complied with the requirements under paragraph 76.5;

          2.                the information contained in the application, including whether there are reasonable grounds to suspect that any information or document provided by the applicant is false or misleading (whether by inclusion or omission) in a material particular; and

          3.                whether the renewal of registration may involve significant money laundering, financing of terrorism, or other serious crime risk.

    76.9 As soon as practicable after making a decision regarding a renewal application, the AUSTRAC CEO must provide the applicant with written notice of:

          1.                the terms of the decision (including any conditions that the renewed registration is subject to); and

          2.                if the decision is not to renew registration:

             1.         the date the decision takes effect;

             2.         the reasons for the decision; and

             3.         the particulars of the person's right to have the decision reviewed.

        Note: A decision not to renew registration is declared to be a reviewable decision for the purposes of section 233B of the AML/CTF Act.

    76.10 A failure to comply with the requirements of paragraph 76.9 does not affect the validity of the decision.

Suspension of registration

    76.11 The AUSTRAC CEO may suspend a person's registration on the Digital Currency Exchange Register for a specified period of time, with or without prior notice, if satisfied that it is appropriate to do so.

    76.12 In deciding whether it is appropriate to suspend a person's registration, and without limiting the matters that may be considered, the AUSTRAC CEO may have regard to:

          1.                whether the person or any of its key personnel have been:

                 1.         charged, prosecuted, or convicted in relation to money laundering, terrorism financing, terrorism, people smuggling, fraud, a serious offence, or an offence under the AML/CTF Act or FTR Act;

                 2.         the subject of a civil penalty order made under the AML/CTF Act; or

                 3.         the subject of any adversely determined civil or criminal proceedings or enforcement action in relation to the management of an entity, or their commercial or professional activities; and

          2.                whether there are reasonable grounds to believe that:

                 1.         any information or document provided under this Chapter was false or misleading (whether by inclusion or omission) in a material particular;

                 2.         the continued registration of the person involves, or may involve, significant money laundering, financing of terrorism, or other serious crime risk; or

                 3.         the person has contravened a condition of registration imposed under section 76G of the AML/CTF Act.

    76.13 The AUSTRAC CEO may also suspend a person's registration if reasonable grounds exist on which to commence an action to cancel the registration of the person under section 76J of the AML/CTF Act, and that action has not been