7Reports by cash dealers of suspect transactions not reported under FTR or AMLCTF Act

7 Reports by cash dealers of suspect transactions not reported under FTR or AMLCTF Act

(1)  [Section 7 Subsection (1) substituted by No. 61 of 2013, s. 8, Applied:01 Mar 2014] This section applies if –

(a) a cash dealer is a party to a transaction; and

(b) the cash dealer has reasonable grounds to suspect that information that the cash dealer has concerning the transaction –

(i) may be relevant to the investigation of, or prosecution of a person for, an offence against the law of the State; or

(ii) may be of assistance in the enforcement of the Crime (Confiscation of Profits) Act 1993 ; and

(c) the cash dealer is not required to report the transaction under any of the following provisions, whether or not the cash dealer is required to report the transaction under Division 1 of Part II of the FTR Act:

(i) Division 2 of Part II of the FTR Act;

(ii) if the cash dealer is a reporting entity – Division 2, 3 or 4 of Part 3 of the AMLCTF Act.

(2)  [Section 7 Subsection (2) substituted by No. 61 of 2013, s. 8, Applied:01 Mar 2014] The cash dealer must, as soon as practicable after forming the suspicion mentioned in subsection (1)(b), prepare a report of the transaction and communicate the information contained in it to the AUSTRAC CEO.

Penalty:  Fine not exceeding 400 penalty units or imprisonment for a term not exceeding 2 years, or both.

(3)  The report must –

(a) [Section 7 Subsection (3) amended by No. 61 of 2013, s. 8, Applied:01 Mar 2014] be in the form approved by the AUSTRAC CEO for the purposes of section 41 of the AMLCTF Act; and

(b) [Section 7 Subsection (3) amended by No. 61 of 2013, s. 8, Applied:01 Mar 2014] contain the reportable details of the transaction as required under the AML/CTF Rules for the purposes of that section; and