Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p127
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 355729–358720

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 37 Exemption from threshold transaction reporting for certain designated services

    37.1 These Anti-Money Laundering and Counter-Terrorism Financing Rules (Rules) are made under section 229 for subsection 44(4) of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

    37.2 Section 43 of the AML/CTF Act does not apply to a designated service that involves a threshold transaction in circumstances where:

         (1) the designated service is provided by an ADI to a customer which is an ADI; or

         (2) the designated service is provided by the Reserve Bank of Australia to a customer which is the holder of an Exchange Settlement Account; or

         (3) the designated service is provided by the holder of an Exchange Settlement Account to a customer which is the holder of an Exchange Settlement Account.

37.3 In this Chapter:

         (1) 'Exchange Settlement Account' means an account held at the Reserve Bank of Australia which is used for the final settlement of obligations between Exchange Settlement Account holders.

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 38 Exemption from applicable customer identification procedures for the sale of shares for charitable purposes

    38.1 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).

    38.2 Division 4 of Part 2 of the AML/CTF Act does not apply to a designated service that:

         (1) is a disposal of the kind described in item 33 of table 1 in subsection 6(2) of the AML/CTF Act; and

(2) the disposal occurs on a prescribed financial market; and

         (3) the value of the security does not exceed $10,000; and

         (4) the agent gives the proceeds of the disposal directly to an ancillary fund that provides an undertaking to:

              (a) distribute, by cheque and/or electronic funds transfer, the proceeds of the disposal of the security to 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.