Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p199
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 550311–553256

applicable.

    Note: Under paragraphs 75F(1)(c) and 75J(3)(a) of the AML/CTF Act, the current default registration period is 3 years from the day the registration takes effect. There are currently no AML/CTF Rules which specify other registration periods.

    70.22 In this Chapter:

         (1) 'authorised individual' means a natural person who is:

              (a) a beneficial owner; or

              (b) an officer as defined in section 9 of the Corporations Act 2001; or

              (c) is an employee of the person registered on the Remittance Sector Register who has been authorised in writing by the registered person to act in this capacity;

         (2) 'beneficial owner' has the same meaning as in Chapter 1 of these AML/CTF Rules;

         (3) 'control' has the same meaning given by section 50AA of the Corporations Act 2001;

         (4) 'enforcement action' includes any action of a corrective or punitive nature in respect of an alleged breach of a law taken by a regulatory body of the Commonwealth or a State or Territory, or a government body;

         (5) 'fraud' means dishonestly obtaining a benefit by deception or other means;

         (6) 'key personnel' means:

              (a) in the case of a company, corporation sole or body politic, is a natural person that is:

                  (i) a beneficial owner; or

                  (ii) an officer as defined in section 9 of the Corporations Act 2001, or an employee or agent of the body corporate with duties of such responsibility that his or her conduct may fairly be assumed to represent the body corporate's policy;

              (b) in the case of an individual, trust or partnership, is a natural person that is an employee or agent of the individual, trust or partnership with duties of such responsibility that his or her conduct may fairly be assumed to represent the policy of the individual, trust or partnership;

         (7) 'people smuggling' means conduct that amounts to:

              (a) an offence against Division 73 of the Criminal Code; or

              (b) an offence against Subdivision A, Division 12, Part 2 of the Migration Act 1958; or

              (c) an offence against a law of a foreign country or of a part of a foreign country that corresponds:

                  (i) to an offence referred to in paragraph (a) or (b); or

                  (ii) with the Protocol against the Smuggling of Migrants by Land, Sea and Air, supplementing the United Nations Convention against Transnational Organized Crime;

         (8) 'person' has the same meaning as in the AML/CTF Act;

         (9) 'serious offence' means an offence which is:

              (a) an offence against a law of the Commonwealth, or a law of a State or Territory, punishable on indictment by imprisonment for life or 2 or more years, that may be dealt with as an indictable offence (even if it may, in some circumstances,