Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p211
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 584515–587443

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 74 Exemption for licensed trustee companies

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

    74.2. Subject to paragraph 74.3, Divisions 2 to 7 of Part 2, Divisions 2 to 5 of Part 3 and Parts 3A, 5, 6, 7 and 10 of the AML/CTF Act do not apply to a designated service that:

        (1) is of a kind described in items 33, 34, or 46 of Table 1 in subsection 6(2) of the AML/CTF Act; or

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

    74.3 The exemption in paragraph 74.2 only applies if:

        (1) the person who provides the designated service is a licensed trustee company; and

        (2) the trustee acts in the capacity of:

           (a) a manager appointed by the law or a Court or Tribunal to manage the financial affairs of a person without that capacity;

           (b) an executor or administrator of a deceased estate;

           (c) a trustee of a trust established by:

                 1.            a will;

                 2.          an order of a court or tribunal; or

                 3.       a direction of a statutory office holder;

           (d) an attorney under an enduring power of attorney; or

           (e) an agent of a person lacking capacity under an agency arrangement.

    74.4 The exemption in paragraph 74.2 does not apply where the person is acting in the capacity of a trustee of an inter vivos trust.

    74.5 In this Chapter:

        (1) 'inter vivos trust' means a trust established between living persons that commences when the settlor is alive;

        (2) 'licensed trustee company' has the same meaning as in section 601RAA of the Corporations Act 2001;

        (3) 'statutory office holder' means a person who holds any office or appointment under an Act;

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 the OAIC website (www.oaic.gov.au) or call 1300 363 992.
CHAPTER 75 Law Enforcement Operations

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