Document ID: chunk:federal_register_of_legislation:C2004A03935:body:0:p64
Version: federal_register_of_legislation:C2004A03935
Segment Type: other
Provision Reference: 
Character Range: 154648–157359

specified in the form.

"(3) An application, and the undertaking accompanying it, must be signed by the applicant personally or, if the applicant is a body corporate, by its principal executive officer.

"(4) On receipt of an application and an undertaking, the Director may, by notice in the Gazette, declare the applicant to be an identifying cash dealer if satisfied that such a declaration would not be inconsistent with the objects of this Act.

"(5) The Director may, by notice in the Gazette, revoke a declaration, or suspend it for a specified period or until a specified act is done, if satisfied that the relevant identifying cash dealer has failed to honour the undertaking given by the cash dealer under this section.

"(6) A declaration stops being in force on its revocation or during a period when it is suspended.

"(7) The Director may, for the purposes of this section, approve different forms to be used by different classes of applicants.

"(8) In this section:

    'principal executive officer', in relation to a body corporate means the person who is for the time being its principal executive officer, whether or not the person is a director of the body corporate.".

39. After section 14 of the Principal Act the following section is inserted:

Inspection of record systems etc.

"14a. (1) The Director may, by written notice to a cash dealer, require the dealer to give the authorised officer specified in the notice access to the dealer's premises so specified on the day and during the hours so specified.

"(2) The hours specified in a notice to a cash dealer must occur during the dealer's normal business hours.

"(3) A cash dealer must comply with a notice given to the dealer.

"(4) Where an authorised officer is given access to premises in compliance with a notice, the officer may:

(a) for the purposes of monitoring the cash dealer's compliance with section 7, inspect:

       (i) any records relating to significant cash transactions to which the dealer is a party, being records kept on, or accessible from, the premises; and

       (ii) any system used by the dealer at those premises for keeping such records; and

   (b) for the purposes of monitoring the cash dealer's compliance with any undertaking given by it under section 8a, inspect:

       (i) any records relating to the verification procedures carried out by the cash dealer under subsection 20 (8), being records kept on, or accessible from, the premises; and

       (ii) any system used by the dealer at those premises for keeping such records.".

Reports in relation to transfer of currency into or out of Australia

40. (1) Section 15 of the Principal Act is amended by inserting in subparagraph (1)