74Unregistered persons must not provide certain remittance services

74 Unregistered persons must not provide certain remittance services

Registrable remittance network services (1) A person (the first person) must not provide a registrable remittance network service to another person if: (a) the first person is not a registered remittance network provider; or (b) the first person is a registered remittance network provider, but the person to whom the service is provided is not a registered remittance affiliate of the first person. Registrable remittance services—independents (1A) A person must not provide a registrable remittance service if: (a) the person provides the service other than as part of a remittance network operated by a registered remittance network provider; and (b) the person is not a registered independent remittance dealer. Registrable remittance services—affiliates (1B) A person must not provide a registrable remittance service if: (a) the person provides the service as part of a remittance network operated by a registered remittance network provider; and (b) the person is not a registered remittance affiliate of the registered remittance network provider. Breach of conditions (1C) A person must not breach a condition to which the registration of the person as any of the following is subject: (a) a remittance network provider; (b) an independent remittance dealer; (c) a remittance affiliate of a registered remittance network provider. Offences (2) A person commits an offence if: (a) the person is subject to a requirement under subsection (1), (1A), (1B) or (1C); and (b) the person engages in conduct; and (c) the person’s conduct breaches the requirement.

Penalty: Imprisonment for 2 years or 500 penalty units, or both.

(3) Strict liability applies to paragraphs (2)(b) and (c).

Note: For strict liability, see section 6.1 of the Criminal Code.

(4) A person commits an offence if: (a) the person is subject to a requirement under subsection (1), (1A), (1B) or (1C); and (b) the person engages in conduct; and (c) the person’s conduct breaches the requirement; and (d) the AUSTRAC CEO previously: (i) gave the person a direction under subsection 191(2) in relation to subsection (1), (1A), (1B) or (1C) of this section; or (ii) accepted an undertaking given by the person under section 197 in relation to subsection (1), (1A), (1B) or (1C) of this section; and (e) that was the only occasion on which the AUSTRAC CEO previously gave such a direction to, or accepted such an undertaking from, the person.

Penalty: Imprisonment for 4 years or 1,000 penalty units, or both.

(5) Strict liability applies to paragraphs (4)(b) and (c).

Note: For strict liability, see section 6.1 of the Criminal Code.

(6) A person commits an offence if: (a) the person is subject to a requirement under subsection (1), (1A), (1B) or (1C); and (b) the person engages in conduct; and (c) the person’s conduct breaches the requirement; and (d) the AUSTRAC CEO previously: (i) gave the person a direction under subsection 191(2) in relation to subsection (1), (1A), (1B) or (1C) of this section; or (ii) accepted an undertaking given by the person under section 197 in relation to subsection (1), (1A), (1B) or (1C) of this section; and (e) that was not the only occasion on which the AUSTRAC CEO previously gave such a direction to, or accepted such an undertaking from, the person.