46AReports of transfers of value involving unverified self‑hosted virtual asset wallets

46A Reports of transfers of value involving unverified self‑hosted virtual asset wallets

Scope (1) This section applies to a reporting entity if: (a) the reporting entity commences to provide a designated service covered by item 29 or 30 of table 1 in section 6 at or through a permanent establishment of the reporting entity in Australia; and (b) the service involves: (i) receiving virtual assets transferred from a self‑hosted virtual asset wallet; or (ii) transferring virtual assets to a self‑hosted virtual asset wallet; and (c) the person who controls the self‑hosted virtual asset wallet has not been verified by the reporting entity in accordance with the reporting entity’s AML/CTF program. Report (2) The reporting entity must give the AUSTRAC CEO a report about the provision of the designated service within 10 business days after commencing to provide the service. (3) A report under subsection (2) must: (a) be in accordance with the approved form, or in a manner specified in the AML/CTF Rules; and (b) contain the information required by the AML/CTF Rules.

Note: For additional rules about reports, see section 244.

Civil penalty (4) Subsection (2) is a civil penalty provision. Exemptions (5) This section does not apply to transfer of value of a kind specified in the AML/CTF Rules. (6) This section does not apply to a transfer of value that occurs in circumstances specified in the AML/CTF Rules.