Document ID: chunk:federal_register_of_legislation:C2004A04263:body:0:p3
Version: federal_register_of_legislation:C2004A04263
Segment Type: other
Provision Reference: 
Character Range: 5230–7789

(i) the sender of an international funds transfer instruction transmitted out of Australia; or

         (ii) the recipient of an international funds transfer instruction transmitted into Australia; and

    (b) at least one of the following applies:

         (i) the cash dealer is acting on behalf of, or at the request of, another person who is not a bank;

         (ii) the cash dealer is not a bank;

the dealer must, before the reporting time, prepare a report of the instruction.

"(2) The report must be in the approved form and include the prescribed details.

"(3) Subject to subsection (4), the report must be sent to the Director in the approved way and form before the reporting time.

"(4) The Director may, by notice in the Gazette, declare that subsection (3) does not apply in relation to a cash dealer in relation to a report or a class of report.

"(5) If, because of the operation of subsection (4), subsection (3) does not apply in relation to a report, the cash dealer must retain the report for 7 years.

"(6) For the purposes of this section, if a cash dealer transmits an instruction on behalf of, or at the request of, another person, the cash dealer is taken to be the sender of the instruction.

"(7) For the purposes of this section, if a person, not being a cash dealer, transmits an instruction on behalf of, or at the request of, a cash dealer, the cash dealer is taken to be the sender of the instruction.

"(8) In this section:

'reporting time', in relation to an instruction, means:

    (a) if the instruction is transmitted into Australia—14 days after the day that the transmission is received or such later time as is specified in the regulations;

    (b) if the instruction is transmitted out of Australia—14 days after the day that the instruction is transmitted or such later time as is specified in the regulations.

Bank acting on behalf of another bank

"17C. For the purposes of this Division, if:

    (a) a bank (in this section called the 'first bank') is acting on behalf of, or at the request of, another bank (in this section called the 'second bank'); and

    (b) the second bank is (whether or not as a result of one or more previous applications of this section) acting on behalf of, or at the request of, a person who is not a bank;

the first bank is taken to be acting on behalf of that person.

No cause of action arises from compliance with section 17B

" 17D. A cause of action does not arise in Australia in relation to action taken by a cash dealer or person:

    (a) under section 17B; or