212Functions of the AUSTRAC CEO

#### 212 Functions of the AUSTRAC CEO (1) The functions of the AUSTRAC CEO are: (a) to retain, compile, analyse and disseminate AUSTRAC information; and (aa) to provide access to, and to share, AUSTRAC information to support domestic and international efforts to combat money laundering and terrorism financing and other serious crimes; and (b) to provide advice and assistance, in relation to AUSTRAC information, to the persons and agencies who are authorised to access AUSTRAC information under Part 11; and (c) to advise and assist reporting entities in relation to their obligations under this Act, the regulations and the AML/CTF Rules; and (d) to advise and assist the representatives of reporting entities in relation to compliance by reporting entities with this Act, the regulations and the AML/CTF Rules; and (da) to facilitate gaining access on a timely basis to the financial, administrative and law enforcement information that the AUSTRAC CEO requires to properly undertake the AUSTRAC CEO’s financial intelligence functions; and (db) to establish such task forces as the AUSTRAC CEO considers appropriate; and (e) to promote compliance with this Act, the regulations and the AML/CTF Rules; and (ea) to assist in the development of government policy or to assist academic research; and (f) such other functions as are conferred on the AUSTRAC CEO by or under: (i) this Act; or (ii) the regulations; or (iii) any other law of the Commonwealth; and (g) to do anything that is incidental or conducive to the performance of a function referred to in a preceding paragraph. > Note: The AUSTRAC CEO’s other functions include: (a) monitoring compliance with this Act, the regulations and the AML/CTF Rules (see section 190); and (b) making AML/CTF Rules (see section 229). (2) In performing the AUSTRAC CEO’s functions, the AUSTRAC CEO must: (a) consult with the following: (i) reporting entities or the representatives of reporting entities; (ii) the Commissioner of the Australian Federal Police; (iii) the Chief Executive Officer of the Australian Crime Commission; (iv) the Commissioner of Taxation; (v) the Comptroller‑General of Customs; (vi) the Information Commissioner in relation to matters that relate to the privacy functions (within the meaning of the Australian Information Commissioner Act 2010); and (b) take into account any comments made in the course of those consultations. (3) In performing the AUSTRAC CEO’s functions under this Act, the AUSTRAC CEO must have regard to the following: (a) the integrity of the financial system; (b) crime reduction; (c) the desirability of ensuring that regulatory considerations are addressed in a way that does not impose unnecessary financial and administrative burdens on reporting entities; (d) the desirability of adopting a risk‑based approach; (e) competitive neutrality; (f) competition; (g) economic efficiency; (h) privacy; (i) such other matters (if any) as the AUSTRAC CEO considers relevant. (3A) In considering an exemption or modification under or in relation to the operation of this Act that could reasonably be expected to have an impact on the risk associated with money laundering or the financing of terrorism as that risk applies to a designated service, the AUSTRAC CEO must be satisfied that the risk associated with the proposed exemption or modification is low. (4) In performing the AUSTRAC CEO’s functions under this Act, the AUSTRAC CEO must have regard to: (a) any relevant FATF Recommendations; and (b) any relevant Conventions mentioned in subsection 3(3); and (c) any relevant Resolutions mentioned in subsection 3(3). (5) Any failure to comply with the requirements of subsection (2), (3), (3A) or (4) in relation to the performance of a function of the AUSTRAC CEO does not affect the validity of the performance of the function. (6) Subsection (5) does not apply in determining the constitutional validity of the performance of the AUSTRAC CEO’s functions.