Document ID: chunk:federal_register_of_legislation:C2004A03935:body:0:p65
Version: federal_register_of_legislation:C2004A03935
Segment Type: other
Provision Reference: 
Character Range: 157129–159983

any system used by the dealer at those premises for keeping such records.".

Reports in relation to transfer of currency into or out of Australia

40. (1) Section 15 of the Principal Act is amended by inserting in subparagraph (1) (a) (i) "Australian currency or" after "transfers".

(2) Section 15 of the Principal Act is amended:

(a) by omitting from subsection (1) "before the transfer takes place";

(b) by omitting paragraph (7) (d) and substituting the following paragraph:

"(d) be given to:

          (i) if the transfer is effected by a person taking the currency out of, or bringing it into, Australia with the person—a customs officer; and

          (ii) in any other case—the Director or a customs officer.";

(c) by inserting after subsection (7) the following subsection:

    "(7a) A report under this section, other than a report mentioned in paragraph (5) (c) or (d), must be given:

       (a) if subparagraph (7) (d) (i) applies—at the time the currency concerned is brought into, or taken out of, Australia; and

       (b) in any other case—at any time before the transfer takes place.";

(d) by omitting from subsection (8) "or police officer".

Information to be provided where bank account etc. opened

41. Section 18 of the Principal Act is amended:

(a) by inserting in subparagraph (1) (a) (i) "or for any other form of safe deposit" after "box";

(b) by inserting in subparagraph (1) (b) (i) "or for any other form of safe deposit" after "box";

(c) by inserting after subsection (2) the following subsections:

   "(2a) If, where the account is with an identifying cash dealer, the unverified signatory gives the cash dealer (whether before, on or after the infringement day) a verification statement that is not accompanied by an identification reference in accordance with section 21 the account becomes, or remains, blocked by force of this section until:

      (a) the cash dealer, having completed the verification procedures prescribed for the purposes of subsection 20 (8), verifies the identity of the signatory; or

      (b) the signatory gives the cash dealer an identification reference in accordance with section 21; or

      (c) the Director gives a notice under subsection 19 (2).

"(2b) Subsection (2a) does not apply if:

      (a) the cash dealer has verified the identity of the signatory under subsection 20 (8) in respect of another account with the cash dealer; or

      (b) the cash dealer holds an identification reference in accordance with section 21 for the signatory in respect of another account with the cash dealer;

   and the verification statement specifies that other account in sufficient detail for the other account to be identified.";

(d) by omitting subsection (5) and substituting the following subsections:

   "(5) Where an account becomes blocked under subsection (2), the