10Transactions eligible for exemption

#### 10 Transactions eligible for exemption (1) A significant cash transaction is eligible for exemption if: (a) the transaction is between a financial institution and another financial institution; or (b) the transaction is between a cash dealer (not being a financial institution) and a financial institution. (2) A significant cash transaction is also eligible for exemption if: (a) the transaction is between a financial institution and another person (in this subsection called the customer); (b) the customer is, at the time when the transaction takes place, an established customer of the institution; (c) the transaction consists of a deposit into, or a withdrawal from, an account maintained by the customer with the institution; (d) the customer carries on: (i) a retail business (other than a business that includes the selling of vehicles, vessels, farm machinery or aircraft); (ii) a business declared by the Minister, by notice in writing published in the Gazette, to be an entertainment business or a hospitality business for the purposes of this Act; or (iii) a business of providing vending machines; (e) the account is maintained for the purposes of that business; and (f) the amount of currency involved in the transaction does not exceed an amount that is reasonably commensurate with the lawful business activities of the customer. (3) A significant cash transaction is also eligible for exemption if: (a) the transaction is between a financial institution and another person (in this subsection called the customer); (b) the customer is, at the time when the transaction takes place, an established customer of the institution; (c) the transaction consists of a withdrawal from an account maintained by the customer with the institution; (d) the withdrawal is made for pay‑roll purposes; (e) the customer regularly withdraws, from that account, currency of a value not less than $10,000 to pay the customer’s staff and employees; and (f) the amount of currency involved in the transaction does not exceed an amount that is reasonably commensurate with the lawful business activities of the customer. (4) A significant cash transaction to which a financial institution is a party is also eligible for exemption if: (a) the other party to the transaction is a public authority; and (b) the amount of currency involved in the transaction does not exceed an amount that is reasonably commensurate with the authorised activities of the authority. (5) A significant cash transaction is also eligible for exemption if it is declared by the Minister, by notice in writing published in the Gazette, to be eligible for exemption for the purposes of this Act. (6) Where: (a) a person (in this subsection called the customer) has closed an account with a financial institution (in this subsection called the transferor institution) and transferred the money that stood to the credit of that account to an account held by the person with another financial institution (in this subsection called the transferee institution); and (b) a significant cash transaction is conducted through the account held with the transferee institution at a time when the customer is not an established customer of the transferee institution; the transaction is eligible for exemption if: (c) the transaction would, if the customer were an established customer of the transferee institution at that time, be eligible for exemption under another subsection of this section; (d) transactions falling within a particular class and conducted through the account held with the transferor institution were exempt transactions immediately before that account was closed; and (e) either: (i) the transaction is a transaction that would, had it been conducted through the account held with the transferor institution, have fallen within that class; or (ii) the customer has been a customer of the transferee institution for not less than 3 months immediately preceding that time.