Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p212
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 587150–590649

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 (AML/CTF Act).

Reporting entities assisting specified agencies with investigations may be exempted from certain obligations under the AML/CTF Act

    75.2 If a requesting officer of an eligible agency reasonably believes that providing a designated service to a customer would assist the investigation of a serious offence, the officer can request the AUSTRAC CEO to exempt specified reporting entities from certain AML/CTF Act obligations.

    75.3 The exemption in paragraph 75.2 applies to the following provisions of the AML/CTF Act:

          1.                section 29 (verification of identity for certain pre-commencement customers);

          2.                section 32 (carrying out the applicable customer identification procedure before the commencement of the provision of a designated service);

          3.                section 34 (carrying out the applicable customer identification procedure after the commencement of the provision of a designated service);

          4.                section 35 (verification of identity of customer);

          5.                section 36 (ongoing customer due diligence);

          6.                section 82 (compliance with Part A of an anti-money laundering and counter-terrorism financing program);

          7.                section 136 (false or misleading information);

          8.                section 137 (producing false or misleading documents);

          9.                section 138 (false documents);

         10.            section 139 (providing a designated service using a false customer name or customer anonymity); and

         11.            section 142 (conducting transactions so as to avoid reporting requirements relating to threshold transactions).

Application requirements

75.4 An application for exemption must:

          1.                be made in writing by a requesting officer;

          2.                provide sufficient information to enable the AUSTRAC CEO to decide whether or not to approve the application; and

          3.                contain the requesting officer's declaration that the information contained in the application is true, accurate and complete.

Determining application and notice of decision

    75.5 In determining an application, and without limiting the information the AUSTRAC CEO may have regard to, the AUSTRAC CEO must consider all information contained in the application.

    75.6 The AUSTRAC CEO must, as soon as practicable after deciding an application, give written notice of that decision to both the eligible agency and the specified reporting entity or entities.

75.7 The written notice must set out:

          1.                the reasons for the decision; and

          2.                if the application is approved, the start date of the exemption and any conditions that may apply.

Exemption period

    75.8 An exemption will operate for a period of six months starting on the date specified in the notice of the decision, or until the eligible agency notifies both the AUSTRAC CEO and the exempted reporting entity or entities that the relevant investigation has ceased, whichever occurs first.