Section 28 (undertaking initial customer due diligence) does not apply to a reporting entity in respect of the provision of a designated service to a customer if:
(a) the designated service is specified in column 1 of an item of the following table; and
(b) the conditions (if any) specified in column 2 of the item are satisfied; and
(c) the reporting entity does not have an enhanced due diligence obligation in relation to the customer under section 32.
Exemptions—specified conditions
Item Column 1Designated service Column 2Conditions
1 item 2 or 3 of table 1 in section 6 (a) the reporting entity providing the designated service is a financial institution; and(b) the designated service:(i) relates to a correspondent banking relationship; and(ii) occurs in circumstances where there is a geographical link in accordance with section 100; and(iii) relates to signatories to the account who are employees of the other financial institution
2 paragraph (a) of item 17 of table 1 in section 6 (a) the reporting entity issues a cheque that the reporting entity draws on itself; and(b) the cheque is drawn from an account held at the issuing ADI, building society, credit union or representative office of a foreign bank; and(c) the cheque contains details of the payee; and(d) the face value of the cheque is less than $5,000
3 paragraph (a) of item 17 of table 1 in section 6 (a) the reporting entity issues a cheque that the reporting entity draws on itself; and(b) the cheque is funded by physical currency; and(c) the face value of the cheque is less than $1,000
4 item 25 or 26 of table 1 in section 6 the sum of the face value of the traveller’s cheque or traveller’s cheques issued, cashed or redeemed in any one transaction is less than $1,000
5 item 25 or 26 of table 1 in section 6 (a) the issuing, cashing or redeeming of the traveller’s cheque or traveller’s cheques is one of 2 or more transactions that the reporting entity reasonably believes to be linked; and(b) the sum of the face value of the traveller’s cheque or traveller’s cheques issued, cashed or redeemed as part of the linked transactions is less than $1,000
6 item 33 of table 1 in section 6 (a) the designated service is a disposal; and(b) the disposal occurs on a prescribed financial market (within the meaning of the Corporations Act 2001); and(c) the agent gives the proceeds of the disposal directly to an ancillary fund (within the meaning of the Income Tax Assessment Act 1997) that provides an undertaking to:(i) distribute, by cheque or electronic funds transfer, the proceeds of the disposal of the security to a deductible gift recipient; and(ii) list on its public website within 14 business days, for a period of 12 months, the details of the distribution of the proceeds of the disposal of the security to the deductible gift recipient; and(d) the value of the security does not exceed $10,000
7 paragraph (a) of item 43 of table 1 in section 6 (a) no additional contributions from the customer are accepted in relation to the interest; and(b) the whole of the interest of the customer in the superannuation fund is cashed out; and(c) the account in which the interest of the customer in the superannuation fund was held is closed as soon as practicable after the cashing out of that interest; and(d) the application for the interest in the superannuation fund to be cashed out was not made online using the Departing Australia Superannuation Payment internet‑based application system administered by the Australian Taxation Office; and(e) on the date the customer applies for the interest in the superannuation fund to be cashed out, the value of the interest does not exceed $1,000
8 item 43 or 45 of table 1 in section 6 (a) the application of the member relates to the cashing out of the interest held by the customer in:(i) a superannuation fund; or(ii) an approved deposit fund; or(iii) a RSA; and(b) the application was made online using the Departing Australia Superannuation Payment internet‑based application system administered by the Australian Taxation Office; and(c) the whole of the interest of the member is cashed out; and(d) no additional contributions from the customer are accepted in relation to the customer’s interest; and(e) the account in which the interest of the customer was held is closed as soon as practicable after the cashing out of that interest; and(f) the value of the interest in the customer’s superannuation fund, approved deposit fund or RSA does not exceed $5,000 on the date of the application
9 item 50 of table 1 or item 14 of table 3 in section 6 (a) currency is moved into or out of an account; and(b) the provider of the account is an ADI, a building society, a bank, a credit union or a representative office of a foreign bank; and(c) the value of the currency is less than $1,000
10 item 50 of table 1 or item 14 of table 3 in section 6 (a) currency is not moved into or out of an account where the account provider is an ADI, a building society, a bank, a credit union or a representative office of a foreign bank; and(b) either or both of the following apply:(i) the proceeds are in the form of physical currency;(ii) the funding source is in the form of physical currency; and(c) the value of the currency is less than $1,000
11 item 1 of table 2 in section 6 the retail value of the bullion is less than $5,000
12 item 1, 2, 4, 6, 7, 8 or 9 of table 3 in section 6 (a) the reporting entity is a casino; and(b) the designated service does not involve online gambling services; and(c) the designated service involves an amount of less than $5,000
13 item 1, 2, 4, 6, 7, 8 or 9 of table 3 in section 6 (a) the reporting entity is a casino; and(b) the designated service does not involve online gambling services; and(c) the designated service involves the customer giving or receiving only gaming chips or tokens; and(d) the designated service involves an amount of $5,000 or more
14 item 1 or 2 of table 3 in section 6 the reporting entity providing the designated service is an on‑course bookmaker or a totalisator agency board
15 item 4, 7 or 8 of table 3 in section 6 (a) the reporting entity is an on‑course bookmaker or totalisator agency board; and(b) the designated service involves an amount of less than $5,000
16 item 5 or 6 of table 3 in section 6 (a) the designated service is provided by the reporting entity by way of a gaming machine; and(b) the designated service is not provided at a casino
17 item 8, 9 or 10 of table 3 in section 6 (a) the designated service is provided by the reporting entity by way of a gaming machine; and(b) the designated service is not provided at a casino; and(c) the designated service involves an amount of less than $5,000