Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p129
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 361152–364248

assignment of the customer's interest in the policy;

                   1.                an assignment of all amounts payable under the policy;

                   1.             a power of attorney providing at least a right to cancel the policy.

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 40 Definition of 'exempt legal practitioner service'

    40.1 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 the definition of 'exempt legal practitioner service' in section 5 of that Act.

    40.2 A service is taken to be an 'exempt legal practitioner service' if:

         (1) it is provided in the ordinary course of carrying on a law practice and is a custodial or depository service other than conduct that under section 766E(1) of the Corporations Act 2001 constitutes providing a custodial or depository service; or

         (2) it is provided in the ordinary course of carrying on a law practice and is a safe deposit box or similar facility other than in relation to physical currency.

    40.3 In this Chapter:

         'law practice' means a business carried out by either of the following:

         (1) a legal practitioner (however described) that supplies professional legal services; or

         (2) a partnership or company that uses legal practitioners (however described) to supply professional legal services.

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 41 Exemption from applicable customer identification procedures – cashing out of low value superannuation funds and for the Departing Australia Superannuation Payment

Part 41.1 Introduction

     41.1.1 These Anti-Money Laundering and Counter-Terrorism Financing Rules (Rules) are made under section 229 for subsection 39(4) of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

Part 41.2 Superannuation fund low balance accounts

     41.2.1 Division 4 of Part 2 of the AML/CTF Act does not apply to the provision of a designated service that is of a kind described in item 43(a) of table 1 in subsection 6(2) of the AML/CTF Act in the circumstances specified in paragraph 41.2.2.

     41.2.2 For paragraph 41.2.1, the circumstances relevant to the exemption are:

          (1)