Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (110 of 2024)
Schedule 8 Transfers of value and international value transfer services
Part 2 International value transfer services
Anti-Money Laundering and Counter-Terrorism Financing Act 2006
38 Division 4 of Part 3
Repeal the Division, substitute:
Division 4 - International value transfer services and transfers of value involving unverified self-hosted virtual asset wallets
45 International value transfer services
(1) A service is an international value transfer service if:
(a) the service is covered by item 29 or 30 of table 1 in section 6; and
(b) either:
(i) the value to be transferred is in Australia and, as a result of the provision of the service, the value will be in a foreign country; or
(ii) the value to be transferred is in a foreign country and, as a result of the provision of the service, the value will be in Australia.
(2) For the purposes of subsection (1), the AML/CTF Rules may specify the circumstances in which the value is in a country.
46 Reports of international value transfer services
Scope
(1) This section applies to a reporting entity if:
(a) the reporting entity commences to provide an international value transfer service at or through a permanent establishment of the reporting entity in Australia; and
(b) such other conditions (if any) as are set out in the AML/CTF Rules are satisfied.
Report
(2) The reporting entity must give the AUSTRAC CEO a report about the provision of the international value transfer service within 10 business days after the reporting entity passes on or receives the transfer message for the transfer of value.
(3) Subsection (2) does not apply if, within the 10 business day period mentioned in that subsection, the reporting entity:
(a) reasonably determines that the transfer of value will not occur; and
(b) takes reasonable steps to ensure that the transfer of value will not occur.
(4) A report under subsection (2) must:
(a) be in accordance with the approved form, or in a manner specified in the AML/CTF Rules; and
(b) contain the information required by the AML/CTF Rules.
Note: For additional rules about reports, see section 244.
Obligation must be discharged by intermediary institution in certain circumstances
(5) The AML/CTF Rules may specify circumstances in which the obligation imposed on a reporting entity by subsection (2) must be discharged by an intermediary institution in the value transfer chain. If the AML/CTF Rules specify such circumstances, the obligation imposed by subsection (2) must be discharged by the intermediary institution in accordance with the AML/CTF Rules.
Obligation may be discharged by intermediary institution in certain circumstances
(6) The obligation imposed on a reporting entity by subsection (2) may be discharged by an intermediary institution in the value transfer chain if:
(a) the intermediary institution is an intermediary institution that provides, or will provide, the designated service covered by item 31 of table 1 in section 6; and
(b) the reporting entity has entered into a written agreement or arrangement with the intermediary institution; and
(c) the written agreement or arrangement enables the intermediary institution to comply with the obligation.
Civil penalty
(7) Subsections (2) and (5) are civil penalty provisions.
Exemptions
(8) This section does not apply to an international value transfer service of a kind specified in the AML/CTF Rules.
(9) This section does not apply to a transfer of value that occurs in circumstances specified in the AML/CTF Rules.
46A Reports of transfers of value involving unverified self-hosted virtual asset wallets
Scope
(1) This section applies to a reporting entity if:
(a) the reporting entity commences to provide a designated service covered by item 29 or 30 of table 1 in section 6 at or through a permanent establishment of the reporting entity in Australia; and
(b) the service involves:
(i) receiving virtual assets transferred from a self-hosted virtual asset wallet; or
(ii) transferring virtual assets to a self-hosted virtual asset wallet; and
(c) the person who controls the self-hosted virtual asset wallet has not been verified by the reporting entity in accordance with the reporting entity's AML/CTF program.
Report
(2) The reporting entity must give the AUSTRAC CEO a report about the provision of the designated service within 10 business days after commencing to provide the service.
(3) A report under subsection (2) must:
(a) be in accordance with the approved form, or in a manner specified in the AML/CTF Rules; and
(b) contain the information required by the AML/CTF Rules.
Note: For additional rules about reports, see section 244.
Civil penalty
(4) Subsection (2) is a civil penalty provision.
Exemptions
(5) This section does not apply to transfer of value of a kind specified in the AML/CTF Rules.
(6) This section does not apply to a transfer of value that occurs in circumstances specified in the AML/CTF Rules.