Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p166
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 460806–463819

the AUSTRAC CEO given under the AML/CTF Rules made for the purposes of paragraph 75M(1)(e) of the AML/CTF Act;

              (e) advice to the AUSTRAC CEO given under subsection 75M(3) of the AML/CTF Act by a registered remittance network provider of changes notified to the provider by a registered remittance affiliate of that provider under subsection 75M(2) of the AML/CTF Act.

    Note: Chapter 60 of the AML/CTF Rules sets out the requirements for advising the AUSTRAC CEO of material changes of circumstances and other matters required by section 75M of the AML/CTF Act.

         (7) That the AUSTRAC CEO is satisfied on reasonable grounds that the continued registration of the person involves, or may involve a significant money laundering, financing of terrorism or people smuggling risk.

    Note: The conduct of the person and any of its key personnel may be relevant in assessing the money laundering, financing of terrorism or people smuggling risk of allowing the continued registration of the person.

    59.5 If the AUSTRAC CEO decides that the registration of a person is to be suspended:

         (1) the AUSTRAC CEO must within 7 days give written notice of the suspension to:

          (a) the person; and

             (b) if the person is a registered remittance affiliate of a remittance network provider, to that registered remittance network provider;

(2) the notice given under paragraph 59.5(1) must:

              (a) set out the grounds on which the decision was made;

              (b) specify the period of suspension;

              (c) specify the date on which the suspension will commence;

              (d) specify when the suspension will cease;

              (e) include a statement that the suspension may be reviewed if the AUSTRAC CEO becomes aware of material information relevant to the grounds as specified under subparagraph 59.5(2)(a); and

              (f) include a statement setting out particulars of the person's right to have the decision reviewed;

         (3) A person whose registration is suspended may apply to the AUSTRAC CEO for review of the decision;

         (4) An application for review must:

              (a) be in writing; and

              (b) be in the approved form; and

              (c) set out the reasons why the decision should be reviewed; and

             (d) be given to the AUSTRAC CEO within 14 days after the receipt of the notice given under paragraph 59.5(1).

    59.6 A suspension made under paragraph 59.2 cannot commence prior to the date specified in subparagraph 59.5(2)(c).

    59.7 The AUSTRAC CEO may publish the notice of suspension or extracts from that notice, on AUSTRAC's website or in any manner which is considered appropriate.

    59.8 The AUSTRAC CEO may, in writing, inform a registered remittance affiliate of the suspension of a registered remittance network provider.

    59.9 The AUSTRAC CEO may remove the entry relating to one or more of the registrations of