Document ID: chunk:federal_register_of_legislation:C2011A00060:clause:1_75m
Version: federal_register_of_legislation:C2011A00060
Segment Type: clause
Provision Reference: sch 1 cl 75M
Character Range: 29539–31222

75M  Registered persons to advise of material changes in circumstance etc.
 (1) A person who is registered under this Part as:
 (a) a remittance network provider; or
 (b) an independent remittance dealer; or
 (c) a remittance affiliate of a registered remittance network provider that applied for registration on its own behalf (see paragraph 75B(1)(c));
must advise the AUSTRAC CEO of the following:
 (d) any change in circumstances that could materially affect the person's registration;
 (e) any matters specified in the AML/CTF Rules for the purposes of this paragraph.
 (2) A registered remittance affiliate of a registered remittance network provider must advise the provider of the following:
 (a) any change in circumstances that could materially affect the person's registration;
 (b) any matters specified in the AML/CTF Rules for the purposes of this paragraph;
unless the affiliate applied for registration on its own behalf (see paragraph 75B(1)(c)).
 (3) A registered remittance network provider must advise the AUSTRAC CEO of any changes notified to it under subsection (2).
 (4) A person who is required by this section to advise the AUSTRAC CEO or a registered remittance network provider of a change in circumstances or a matter must do so in accordance with the approved form, and:
 (a) in the case of a requirement under subsection (1) or (2)—within 14 days of the change in circumstances or the matter arising (however described); and
 (b) in the case of a requirement under subsection (3)—within 7 days of the registered remittance network provider concerned receiving the advice.

Civil penalty
 (5) Subsections (1), (2) and (3) are civil penalty provisions.