Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p71
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 197104–200030

items 25 or 26 of table 1 in section 6; and

         (2) the total sum of the face value of the traveller's cheques issued, cashed or redeemed in any one transaction is less than $1,000 (Australian or the foreign equivalent).

     14.4 Subject to paragraph 14.5 below, Division 4 of Part 2 of the AML/CTF Act does not apply to a designated service that:

         (1) is of a kind described in item 50 of table 1 or item 14 of table 3 in section 6; and

         (2) meets either of the following requirements:
            (a) the value of the currency is less than $1,000 (Australian or the foreign equivalent) into or out of an account, and the account provider is:
                (i) an ADI; or
                (ii) a building society; or
                (iii) a bank; or
                (iv) a credit union; or
                (v) a representative office of a foreign bank; or
            (b) where subparagraph 14.4(2)(a) does not apply:
                (i) the value of the currency is less than $1000 (Australian or the foreign equivalent); and
                (ii) the proceeds and/or funding source of the service described in item 50 of table 1 or item 14 of table 3 are in the form of physical currency.

     14.5 The exemptions in paragraphs 14.2 to 14.4 of these Rules do not apply where a reporting entity determines in accordance with its enhanced customer due diligence program that it should obtain and verify any KYC information about a customer in accordance with its customer identification program.

     14.6 In these Rules:

         (1)              'KYC information' has the meaning given by Chapter 1 of Anti‑Money Laundering and Counter‑Terrorism Financing Rules Instrument 2007 (No. 1); and

         (2)              'representative office of a foreign bank' is an office of the foreign bank in Australia in respect of which the foreign bank has obtained written consent to establish the representative office in Australia under section 67 of the Banking Act 1959 from the Australian Prudential Regulation Authority.

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 http://www.oaic.gov.au or call 1300 363 992.

CHAPTER 15 Ongoing customer due diligence

     15.1  These Anti-Money Laundering and Counter-Terrorism Financing Rules (Rules) are made under section 229 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the AML/CTF Act) for paragraphs 36(1)(b), 84(2)(c) and 85(2)(c) of that Act. Sections 136 and 137 of the AML/CTF Act apply to each paragraph of this Chapter. The requirements set out in these Rules do not apply in relation to a