Anti-Money Laundering and Counter-Terrorism Financing and Other Legislation Amendment Act 2020 (133 of 2020)

Schedule 1   Amendments

Part 2   Correspondent banking

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

17   Application provisions

(1) Subsection 95(1) of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, as substituted by this Part, applies in relation to a correspondent banking relationship first mentioned in that subsection that is entered into on or after the commencement of this item.

(2) Subsection 95(2) of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, as substituted by this Part, applies on and after the commencement of this item in relation to a correspondent banking relationship first mentioned in that subsection that was entered into before, on or after that commencement, where the first institution becomes aware as mentioned in that subsection on or after that commencement.

(3) Subsections 96(1) and (2) of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, as substituted by this Part, apply in relation to a correspondent banking relationship that is entered into on or after the commencement of this item.

(4) Subsection 96(3) of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, as substituted by this Part, applies on and after the commencement of this item in relation to a correspondent banking relationship that was entered into before, on or after that commencement, where the assessments are required to be carried out on or after that commencement.