Document ID: chunk:federal_register_of_legislation:C2025C00044:section:212:p2
Version: federal_register_of_legislation:C2025C00044
Segment Type: section
Provision Reference: s 212 (pt 2/2)
Character Range: 460487–461828

considerations are addressed in a way that does not impose unnecessary financial and administrative burdens on reporting entities;
 (d) the desirability of adopting a risk‑based approach;
 (e) competitive neutrality;
 (f) competition;
 (g) economic efficiency;
 (h) privacy;
 (i) such other matters (if any) as the AUSTRAC CEO considers relevant.
 (3A) In considering an exemption or modification under or in relation to the operation of this Act that could reasonably be expected to have an impact on the risk associated with money laundering or the financing of terrorism as that risk applies to a designated service, the AUSTRAC CEO must be satisfied that the risk associated with the proposed exemption or modification is low.
 (4) In performing the AUSTRAC CEO's functions under this Act, the AUSTRAC CEO must have regard to:
 (a) any relevant FATF Recommendations; and
 (b) any relevant Conventions mentioned in subsection 3(3); and
 (c) any relevant Resolutions mentioned in subsection 3(3).
 (5) Any failure to comply with the requirements of subsection (2), (3), (3A) or (4) in relation to the performance of a function of the AUSTRAC CEO does not affect the validity of the performance of the function.
 (6) Subsection (5) does not apply in determining the constitutional validity of the performance of the AUSTRAC CEO's functions.