4‑17 Suspension of registration4‑17 Suspension of registration

4‑17 Suspension of registration

The AUSTRAC CEO may suspend a person’s registration under Part 6 or 6A of the Act if the AUSTRAC CEO reasonably suspects that: (a) the person, any of its key personnel or any associate of the person or its key personnel, has been charged or convicted of an offence against the Act, or of an offence against a law of the Commonwealth, a State or Territory or a foreign country of any of the following kinds: (i) money laundering; (ii) terrorism or financing of terrorism; (iii) proliferation financing; (iv) people smuggling; (v) fraud (including scams); (vi) a serious offence of any other kind; or (b) the person or any of its key personnel has been found by a court to have contravened the Act, the regulations or the AML/CTF Rules; or (c) the person or any of its key personnel has been the subject of civil or criminal proceedings, or a regulatory or disciplinary process in Australia or a foreign country that: (i) related to the management of an entity, or commercial or professional activity; and (ii) involved an adverse finding as to the competence, diligence, judgement, honesty or integrity of the person or the key personnel (as applicable); or (d) the person or any of its key personnel is committing, continuing or repeating a contravention of the Act, the regulations or the AML/CTF Rules; or (e) the continued registration of the person involves, or may involve, a significant money laundering, financing of terrorism or other serious crime risk; or (f) the person has breached a condition of the person’s registration; or (g) the person does not have the operational capability necessary to comply with the obligations imposed by the Act, the regulations and the AML/CTF Rules on the person; or (h) the person or the person’s key personnel no longer have experience that is appropriate, having regard to the nature of the person’s business and the ML/TF risks of the person’s customers, in functions relevant to: (i) the person’s obligations under the Act; or (ii) providing registrable services; or (i) any information given by the person, or if the registration is as a remittance affiliate of a registered remittance network provider, the provider, for the purposes of Part 6 or 6A of the Act in connection with that registration: (i) is false or misleading in a material particular; or (ii) omits any matter or thing without which the information is misleading in a material particular.