Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p131
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 366587–369455

the Income Tax Assessment Act 1997.

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 42 Commodity warehousing of grain

    42.1 These Anti-Money Laundering and Counter-Terrorism Financing Rules (Rules) are made under section 229 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) for subsection 247(3) of that Act.

    42.2 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

              (a) is provided to a customer who is a grain grower who delivers grain into a grain pool; and

              (b) the maximum loan amount is determined by the value of the grain at the time the customer delivers it into the grain pool; and

              (c) the loan amount does not exceed the value of the grain at the time the customer delivers it into the grain pool; and

              (d) loan repayments made by the customer are met from the grain pool payments made from the grain pool to which the grain has been delivered; or

         (2) is of a kind described in item 7 of table 1 in subsection 6(2) of the AML/CTF Act; and

              (a) the transactions are conducted by the customer in relation to a loan that is covered by sub-paragraph 42.2(1).

    42.3 In this Chapter:

         (1) 'grain' means grains, oil seeds and pulses of all kinds, qualities and varieties including wheat, barley, oats, sorghum, maize and rice;

         (2) 'grain pool' means a grouping of grain into a pool based on classification for the purposes of sale. After all of the grain in a pool from a particular harvest has been sold and all distributions have been paid, that pool ceases to exist.

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 43 Friendly Society closed funds

    43.1 These Anti-Money Laundering and Counter-Terrorism Financing Rules (Rules) are made under section 229 for subsection 247(4) of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

    43.2 Subject to paragraph 43.3, the AML/CTF Act does not apply to