Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p124
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 347477–350613

obligations, please go to http://www.oaic.gov.au or call 1300 363 992.
CHAPTER 33 Applicable customer identification procedure for purchases and sales of bullion valued at less than $5,000

    33.1  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 39(4) of that Act.

    33.2  Subject to paragraph 33.3 below, Division 4 of Part 2 of the AML/CTF Act does not apply to a designated service that:

          (1)  is of a kind described in items 1 or 2 of table 2 in subsection 6(3) of the AML/CTF Act; and

          (2)  the retail value of the bullion is less than $5,000 (Australian or the foreign equivalent).

    33.3  The exemption in paragraph 33.2 does not apply where a reporting entity determines in accordance with its appropriate risk-based systems and controls that:

    (1) further KYC information should be collected about a customer                for ongoing customer due diligence purposes; or

    (2) KYC information should be updated or verified about a                 customer for ongoing customer due diligence purposes.

    33.4 In this Chapter:

         (1) 'KYC information' has the meaning given by Chapter 1 of the                Anti-Money Laundering and Counter-Terrorism Financing                                           Rules Instrument 2007 (No. 1).

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 34 Affixing of notices about cross-border movement reporting obligations

    34.1 These Rules are made under section 229 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) for paragraphs 61(1)(b) and 61(2)(b) of that Act.

34.2 For section 61(1)(b), a written notice must be in the following form:

    (1) a self-standing sign; or

    (2) a digital/electronic sign; or

    (3) a sign in any other material form.

    34.3 For section 61(1)(b), a written notice must contain the following content, with or without the inclusion of any other words:

    Australian Government

       Australian Transaction Reports and Analysis Centre

    Carrying $10,000 or more into or out of Australia?

         You must report: cash, traveller's cheques, cheques, money orders, or other bearer negotiable instruments

         These are monetary instruments. By law you must report the movement of monetary instruments if the sum of the monetary instrument amount is AUD$10,000 or more (or foreign currency equivalent). Note there is no limit to the sum of monetary instruments amounts you can carry in and out of Australia.

        34.4 For the purposes of section 61(2)(b), a written notice may be affixed at:

         (1)