Financial Transaction Reports Act 1988
View history note
Hide history noteA bullion seller must not, before the commencement of Division 1 of Part 2 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 , enter into a bullion transaction unless the seller has an identification record for the other party, or for each other party, to the transaction.
Penalty: Imprisonment for 2 years.
Note:
Subsection 4B(2) of the Crimes Act 1914 allows a court to impose in respect of an offence an appropriate fine instead of, or in addition to, a term of imprisonment. The maximum fine that a court can impose on an individual is worked out by multiplying the maximum term of imprisonment (in months) by 5, and then multiplying the resulting number by the amount of a penalty unit. The amount of a penalty unit is stated in section 4AA of that Act. If a body corporate is convicted of an offence, subsection 4B(3) of that Act allows a court to impose a fine that is not greater than 5 times the maximum fine that could be imposed by the court on an individual convicted of the same offence.
For the purposes of subsection (1), a bullion seller has an identification record for a party to a bullion transaction if, and only if, the seller is an identifying cash dealer and:
(a) has carried out, and has a record of, the prescribed verification procedure to identify the party; or
(b) has carried out, and has a record of, a verification procedure to identify the party, being a procedure approved by the AUSTRAC CEO for the seller;
whether or not the procedure was carried out in connection with the transaction.
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