Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p201
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 555525–558382

of the AML/CTF Act, a person undertaking the activity of credit card issuing or credit card acquiring (or both) is specified, if the person:

         (1) is a participant in a payment scheme that is designated to be a payment system under section 11 of the Payments Systems (Regulation) Act 1998; and

         (2) is not an ADI, bank, building society or credit union.

    71.4 For the purposes of paragraph (e) of Item 3 in Table 1 of subsection 6(2) of the AML/CTF Act, a person undertaking the activity of credit card issuing or credit card acquiring (or both) is specified, if the person:

         (1) is a participant in a payment scheme that is designated to be a payment system under section 11 of the Payments Systems (Regulation) Act 1998; and

         (2) is not an ADI, bank, building society or credit union.

    71.5 In this Chapter:

         (1) 'credit card acquiring' means an action of a person in the course of participation in a payment system that is a credit card scheme in which the person pays, or accepts liability to pay, a merchant (either directly or through another person) for goods or services obtained, or to be obtained, by another person from the merchant in a credit card transaction;

         (2) 'credit card issuing' means an action of a person in the course of participation in a payment system that is a credit card scheme in which the person issues a credit card to another person (a customer) and:

             1.           receives payments from the customer for amounts owed by the customer, under the terms governing the credit card, for credit card transactions; or

             2.          pays, or accepts liability to pay, a credit card acquirer (either directly or through another person) for amounts paid or payable by the acquirer to a merchant for the customer's credit card transactions;

         (3) 'credit card transaction' means the purchasing of goods or services from a merchant on credit using a credit card;

         (4) 'merchant' means a person who provides goods or services to another person and accepts payment for the goods or services by credit card; and

         (5) 'payment system' means a funds transfer system that facilitates the circulation of money, and includes any instruments and procedures that relate to the system.

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 72 Account-based money transfer systems

    72.1 These Anti-Money Laundering and Counter-Terrorism Financing Rules