Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p128
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 358475–361455

a deductible gift recipient; and

              (b) list on its public website within 14 business days, for a period of 12 months, the details of the distribution of the proceeds of the disposal of the security to the deductible gift recipient.

    38.3 The ancillary fund must be a registered entity.

    38.4 In this Chapter:

         (1) 'ancillary fund' has the meaning given by the Income Tax Assessment Act 1997;

         (2) 'deductible gift recipient' has the meaning given by the Income Tax Assessment Act 1997;

         (3) 'prescribed financial market' has the meaning given by section 9 of the Corporations Act 2001;

         (4) 'registered entity' has the meaning given by section 300-5 of the Australian Charities and Not-for-profits Commission Act 2012.

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 39 Exemption from applicable customer identification procedures - premium funding loans for a general insurance policy

    39.1 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).

  39.2 Section 32 of the AML/CTF Act does not apply to a designated service that:

         (1) is of a kind described in item 6 of table 1 in subsection 6(2) of the AML/CTF Act and is a premium funding agreement; or

         (2) is of a kind described in item 7 of table 1 in subsection 6(2) of the AML/CTF Act and is in relation to a loan that is a premium funding agreement.

  39.3 In this Chapter:

         (1) 'premium funding agreement' means an agreement under which—

              (a)  a person agrees to make a loan to the customer to be applied

                  (i) against an amount payable for premiums under a policy of insurance that is not a life policy or sinking fund policy; or

                   1.                against an amount payable in connection with such a policy of general insurance (including, but not limited to, fees for advice or services provided in connection with such a policy and taxes payable in connection with such a policy); and

              (b) the person obtains from the customer, as security for payment of the loan, one or more of the following:

                  (i)  an 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