75MRegistered persons to advise of material changes in circumstance etc.

75M Registered persons to advise of material changes in circumstance etc.

(1) A person who is registered under this Part as: (a) a remittance network provider; or (b) an independent remittance dealer; or (c) a remittance affiliate of a registered remittance network provider that applied for registration on its own behalf (see paragraph 75B(1)(c)); must advise the AUSTRAC CEO of the following: (d) any change in circumstances that could materially affect the person’s registration; (e) any matters specified in the AML/CTF Rules for the purposes of this paragraph. (2) A registered remittance affiliate of a registered remittance network provider must advise the provider of the following: (a) any change in circumstances that could materially affect the person’s registration; (b) any matters specified in the AML/CTF Rules for the purposes of this paragraph; unless the affiliate applied for registration on its own behalf (see paragraph 75B(1)(c)). (3) A registered remittance network provider must advise the AUSTRAC CEO of any changes notified to it under subsection (2). (4) A person who is required by this section to advise the AUSTRAC CEO or a registered remittance network provider of a change in circumstances or a matter must do so in accordance with the approved form, and: (a) in the case of a requirement under subsection (1) or (2)—within 14 days of the change in circumstances or the matter arising (however described); and (b) in the case of a requirement under subsection (3)—within 7 days of the registered remittance network provider concerned receiving the advice. Civil penalty (5) Subsections (1), (2) and (3) are civil penalty provisions.