12‑5 Transitional—keep open notices12‑5 Transitional—keep open notices

12‑5 Transitional—keep open notices

(1) Subsections (2) and (3) apply if an exemption granted to a reporting entity in respect of a customer under Chapter 75 of the Anti‑Money Laundering and Counter‑Terrorism Financing Rules Instrument 2007 (No. 1) was in force immediately before the commencement of this instrument. (2) Subject to subsection (3), the exemption continues in force on and after that commencement, and may be dealt with, as if it were a keep open notice issued under subsection 39B(1) of the Act by a senior member of the eligible agency that requested the exemption. (3) The exemption continues in force until the earlier of the following: (a) the expiry of: (i) the period for which the exemption was granted; or (ii) if that period was extended under section 75.9 of the Anti‑Money Laundering and Counter‑Terrorism Financing Rules Instrument 2007 (No. 1)—the expiry of that period as extended; (b) the time the agency that requested the exemption notifies the reporting entity and the AUSTRAC CEO that the relevant investigation has ended. (4) To avoid doubt, subsections 39B(7) and (8) of the Act (which deal with extensions) apply to an exemption continued in force under this section.