Financial Transaction Reports Act 1988
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Hide history noteA cash dealer may apply in writing to the AUSTRAC CEO to be declared an identifying cash dealer.
An application must be accompanied by a written undertaking in the approved form, by which the applicant undertakes:
(a) to carry out the verification procedures under paragraph 20A(1)(b) , where that paragraph applies, and to take all reasonable steps to complete the procedures promptly in each case; and
(b) to report under section 16 in relation to information obtained by the applicant as a result of carrying out the procedures mentioned in paragraph (a); and
(c) to give the AUSTRAC CEO, in respect of such periods as are determined by the AUSTRAC CEO, written reports on the applicant's compliance with this Act; and
(d) to do such other things (if any) as are specified in the form.
An application, and the undertaking accompanying it, must be signed by the applicant personally or, if the applicant is a body corporate, by its principal executive officer.
8A(4) [Declaration by AUSTRAC CEO]On receipt of an application and an undertaking, the AUSTRAC CEO may, by notice in the Gazette , declare the applicant to be an identifying cash dealer if satisfied that such a declaration would not be inconsistent with the objects of this Act.
The AUSTRAC CEO may, by notice in the Gazette , revoke a declaration, or suspend it for a specified period or until a specified act is done, if satisfied that the relevant identifying cash dealer has failed to honour the undertaking given by the cash dealer under this section.
A declaration stops being in force on its revocation or during a period when it is suspended.
8A(7) [Forms to be used]The AUSTRAC CEO may, for the purposes of this section, approve different forms to be used by different classes of applicants.
In this section:
"principal executive officer"
, in relation to a body corporate means the person who is for the time being its principal executive officer, whether or not the person is a director of the body corporate.
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