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Anti-Money Laundering and Counter-Terrorism Financing (Class Exemptions and Other Matters) Rules 2007
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Anti-Money Laundering and Counter-Terrorism Financing (Class Exemptions and Other Matters) Rules 2007
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For the purposes of subsection 39(3) of the AML/CTF Act, section 28 of that Act does not apply to a designated service if all of the following apply:
(a) the service is covered by item 30 of table 1 in section 6 of that Act;
(b) the provision of the service is an occasional transaction;
(c) the instruction for transfer of value was for the withdrawal of money from an account held with a financial institution;
(d) the instruction was given by the use of an ATM;
(e) the value will be made available to the payee as physical currency;
(f) the total value transferred as a result of the designated service, and any other services covered by item 30 of table 1 in section 6 of the AML/CTF Act that are linked or appear to be linked, is less than $10,000.