51GRemoval of entries from the Reporting Entities Roll

51G Removal of entries from the Reporting Entities Roll

(1) A person may, in writing, request the AUSTRAC CEO to remove the person’s name and enrolment details from the Reporting Entities Roll. (2) The request must: (a) be in the approved form; and (b) contain the information required by the AML/CTF Rules. (3) The AUSTRAC CEO must consider the request and remove the person’s name and enrolment details from the Reporting Entities Roll if the AUSTRAC CEO is satisfied that it is appropriate to do so, having regard to: (a) whether the person has ceased to provide designated services; and (b) the likelihood of the person providing a designated service in the financial year beginning after the request is given; and (c) any outstanding obligations the person has (if any) to provide a report under any of the following provisions: (i) section 43 (threshold transaction reports); (ii) section 45 (international funds transfer instruction reports); (iii) section 47 (AML/CTF compliance reports).

Schedule 2—Infringement notice provisions

Part 1—Amendments

Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006

1 Before paragraph 184(1A)(a)

Insert:

(aaa) subsection 51B(1) (which deals with the requirement for reporting entities to enrol on the Reporting Entities Roll);
(aa) subsection 51F(1) (which deals with reporting entities notifying changes of their enrolment details);

2 Subsection 186A(1)

Before “by a body corporate”, insert “or subsection 51B(1) or 51F(1) (a Part 3A infringement notice provision)”.

Note: The heading to section 186A is altered by adding at the end “or Part 3A”.

3 Subsection 186A(2)

After “Part 6 infringement notice provision”, insert “or a Part 3A infringement notice provision”.

4 Paragraphs 186A(3)(a) and (4)(a)

After “Part 6 infringement notice provision”, insert “or a Part 3A infringement notice provision”.

5 Paragraph 186A(4)(b)

After “Part 6 infringement notice provisions”, insert “or Part 3A infringement notice provisions”.

6 Paragraph 186A(4)(b)

After “Part 6 infringement notice provision”, insert “or a Part 3A infringement notice provision”.

Part 2—Transitional provision

7 Transitional

(1) If this item commences before the commencement of Part 1 of this Schedule, Division 3 of Part 15 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 applies with the modifications set out in this item for the period:

(a) beginning immediately after the commencement of this item; and
(b) ending just before the commencement of Part 1 of this Schedule.