Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p74
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 205621–208781

analysis and monitoring of the customer's transactions – both past and future, including, but not limited to:

              (a) the purpose, reasons for, or nature of specific transactions; or

              (b) the expected nature and level of transaction behaviour, including future transactions;

         (6) seek senior management approval for:

              (a) continuing a business relationship with a customer; and

              (b) whether a designated service should continue to be provided to the customer;

         (7) consider whether a transaction or particular transactions should be processed.

     15.11 If the circumstances in subparagraph 15.9(2) arise, in addition to any other appropriate measures in paragraph 15.10, a reporting entity must undertake the measures in subparagraphs 15.10(2) and 15.10(6).

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 16 Reportable details for international funds transfer instructions (items 1 and 2 in section 46)

     16.1 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 45(3)(b) of that Act.

Instructions transmitted out of Australia

     16.2 A report about an international funds transfer instruction (the instruction), within the meaning of item 1 of the table in section 46 of the AML/CTF Act, must contain:

         (1) for an instruction to which paragraph 70(b) or 70(c) of the AML/CTF Act applies – the complete payer information defined by section 71 of the AML/CTF Act;

         (2) for an instruction to which paragraph 70(a) of the AML/CTF Act applies – the tracing information defined by section 72 of the AML/CTF Act;

         (3) the name or identity of the ordering institution;

         (4) where applicable, the name or identity of any branch or department of the ordering institution which the payer requested to transmit the instruction;

         (5) the name or identity of the institution (the sender) transmitting the instruction to the beneficiary institution, if different from subparagraph 16.2(3);

         (6) where applicable, the name or identity of the sender's branch or department which transmitted the instruction, if different from subparagraph 16.2(4);

         (7) the date on which the sender transmits, or is to transmit, the instruction to the beneficiary institution;

         (8) the name or identity of the beneficiary institution;

         (9) the name or identity of the branch or department of the beneficiary institution at which the funds will be made available to the payee;

         (10) the name of the payee;

         (11) one or more of the following details:

            (a) the