Anti-Money Laundering and Counter-Terrorism Financing (Transitional Provisions and Consequential Amendments) Act 2006 (170 of 2006)

Schedule 1   Amendments

Part 1   Amendments

Privacy Act 1988

152   Before subsection 6E(1)

Insert:

Small business operator that is a reporting entity

(1A) If a small business operator is a reporting entity (within the meaning of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006) because of anything done in the course of a small business carried on by the small business operator, this Act applies, with the prescribed modifications (if any), in relation to the activities carried on by the small business operator for the purpose of compliance with:

(a) the Anti-Money Laundering and Counter-Terrorism Financing Act 2006; or

(b) regulations or AML/CTF Rules under that Act;

as if the small business operator were an organisation.

Note: The regulations may prescribe different modifications of the Act for different small business operators. See subsection 33(3A) of the Acts Interpretation Act 1901.