Document ID: chunk:federal_register_of_legislation:C2024A00110:clause:8_46a
Version: federal_register_of_legislation:C2024A00110
Segment Type: clause
Provision Reference: sch 8 cl 46A
Character Range: 166773–168210

46A  Reports of transfers of value involving unverified self‑hosted virtual asset wallets

Scope
 (1) This section applies to a reporting entity if:
 (a) the reporting entity commences to provide a designated service covered by item 29 or 30 of table 1 in section 6 at or through a permanent establishment of the reporting entity in Australia; and
 (b) the service involves:
 (i) receiving virtual assets transferred from a self‑hosted virtual asset wallet; or
 (ii) transferring virtual assets to a self‑hosted virtual asset wallet; and
 (c) the person who controls the self‑hosted virtual asset wallet has not been verified by the reporting entity in accordance with the reporting entity's AML/CTF program.

Report
 (2) The reporting entity must give the AUSTRAC CEO a report about the provision of the designated service within 10 business days after commencing to provide the service.
 (3) A report under subsection (2) must:
 (a) be in accordance with the approved form, or in a manner specified in the AML/CTF Rules; and
 (b) contain the information required by the AML/CTF Rules.
Note: For additional rules about reports, see section 244.

Civil penalty
 (4) Subsection (2) is a civil penalty provision.

Exemptions
 (5) This section does not apply to transfer of value of a kind specified in the AML/CTF Rules.
 (6) This section does not apply to a transfer of value that occurs in circumstances specified in the AML/CTF Rules.