Document ID: chunk:federal_register_of_legislation:C2025C00044:section:41:p2
Version: federal_register_of_legislation:C2025C00044
Segment Type: section
Provision Reference: s 41 (pt 2/3)
Character Range: 179714–182279

provision, of the service is preparatory to the commission of an offence covered by paragraph (a), (b) or (c) of the definition of financing of terrorism in section 5;
 (h) at the relevant time or a later time, the reporting entity suspects on reasonable grounds that information that the reporting entity has concerning the provision, or prospective provision, of the service may be relevant to the investigation of, or prosecution of a person for, an offence covered by paragraph (a), (b) or (c) of the definition of financing of terrorism in section 5;
 (i) at the relevant time or a later time, the reporting entity suspects on reasonable grounds that the provision, or prospective provision, of the service is preparatory to the commission of an offence covered by paragraph (a) or (b) of the definition of money laundering in section 5;
 (j) at the relevant time or a later time, the reporting entity suspects on reasonable grounds that information that the reporting entity has concerning the provision, or prospective provision, of the service may be relevant to the investigation of, or prosecution of a person for, an offence covered by paragraph (a) or (b) of the definition of money laundering in section 5.

Report
 (2) If a suspicious matter reporting obligation arises for a reporting entity in relation to a person, the reporting entity must give the AUSTRAC CEO a report about the matter within:
 (a) if paragraph (1)(d), (e), (f), (i) or (j) applies—3 business days after the day on which the reporting entity forms the relevant suspicion; or
 (b) if paragraph (1)(g) or (h) applies—24 hours after the time when the reporting entity forms the relevant suspicion.
 (3) A report under subsection (2) must:
 (a) be in the approved form; and
 (b) contain such information relating to the matter as is specified in the AML/CTF Rules; and
 (c) contain a statement of the grounds on which the reporting entity holds the relevant suspicion.
Note 1: For additional rules about reports, see section 244.
Note 2: Section 49 deals with the provision of further information, and the production of documents, by the reporting entity.

Civil penalty
 (4) Subsection (2) is a civil penalty provision.

Reasonable grounds for suspicion
 (5) The AML/CTF Rules may specify matters that are to be taken into account in determining whether there are reasonable grounds for a reporting entity to form a suspicion of a kind mentioned in paragraph (1)(d), (e), (f), (g), (h), (i) or (j).
Note: For specification by class, see subsection 13(3) of the Legislation Act 2003.