39CKeep open notices—AUSTRAC oversight

39C  Keep open notices—AUSTRAC oversight

 (1) This section applies if a senior member of an agency mentioned in subsection 39B(4) issues to a reporting entity:

 (a) a keep open notice under subsection 39B(1); or

 (b) an extension notice under subsection 39B(7).

 (2) The senior member of the agency must send a copy of the keep open notice or extension notice to the AUSTRAC CEO at the same time the notice is issued to the reporting entity.

 (3) The AUSTRAC CEO may revoke:

 (a) a keep open notice issued under subsection 39B(1); or

 (b) an extension notice under subsection 39B(7);

if the AUSTRAC CEO is satisfied that the notice does not comply with the requirements of this Act or the AML/CTF Rules.

 (4) If the AUSTRAC CEO revokes a notice under subsection (3), the AUSTRAC CEO must notify:

 (a) the agency that issued the notice; and

 (b) the reporting entity to whom the notice was issued.