Document ID: chunk:federal_register_of_legislation:C2025C00044:section:161:p2
Version: federal_register_of_legislation:C2025C00044
Segment Type: section
Provision Reference: s 161 (pt 2/2)
Character Range: 385330–386330

(whether inadvertently or otherwise) involve or facilitate:
 (iv) money laundering; or
 (v) financing of terrorism.
 (5) Subsection (4) does not limit paragraph (3)(a).

Eligibility for appointment as an external auditor
 (6) An individual is not eligible to be appointed an external auditor by a reporting entity if:
 (a) the individual is an officer, employee or agent of the reporting entity; or
 (b) both:
 (i) the reporting entity belongs to a designated business group; and
 (ii) the individual is an officer, employee or agent of another member of the designated business group.

Offence
 (7) A person commits an offence if:
 (a) the person is subject to a requirement under subsection (2); and
 (b) the person engages in conduct; and
 (c) the person's conduct breaches the requirement.
Penalty: Imprisonment for 6 months or 30 penalty units, or both.

Civil penalty
 (8) A reporting entity must comply with a requirement under subsection (2).
 (9) Subsection (8) is a civil penalty provision.