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Rule-making powers for AML/CTF Rules

Note: Not all Rule-making powers may be specified in the indicated chapters.

Contents

AML/CTF Act

Combating the Financing of People Smuggling and Other Measures Act 2011


AML/CTF Act

Part 1 - Introduction

Provision of the AML/CTF Act containing rule-making powers AML/CTF Rules? Chapter of the AML/CTF Rules
Section 5 Definitions - 'account' No  
Section 5 Definitions - 'approved third-party bill payment system' Yes Chapter 13 - Approved third-party bill payment system
Section 5 Definitions - 'correspondent banking relationship' Yes Chapter 3 - Part 3.2 Anti-Money Laundering and Counter Terrorism Financing Rules in Respect of Paragraph (e) of the Definition of 'Correspondent Banking Relationship' in Section 5 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006
Section 5 Definitions - 'designated business group' Yes Chapter 2 - Part 2.1 Definition of 'designated business group'
Section 5 Definitions - 'e-currency' No  
Section 5 Definitions - 'enrolment details' No  
Section 5 Definitions - 'exempt legal practitioner service' Yes Chapter 40 - Definition of 'exempt legal practitioner service'
Section 5 Definitions - 'financial institution' Yes Chapter 51 - AML/CTF Rules relating to certain definitions under the AML/CTF Act - Ordering and Beneficiary Institutions, Financial Institutions and Non-Financiers
Section 5 Definitions - 'life policy' No  
Section 5 Definitions - 'loan' No  
Section 5 Definitions - 'non-financier' Yes
  • Chapter 23 - Anti-Money Laundering and Counter-Terrorism Financing Rules - persons specified as 'non-financiers'
  • Chapter 51 - AML/CTF Rules relating to certain definitions under the AML/CTF Act - Ordering and Beneficiary Institutions, Financial Institutions and Non-Financiers
Section 5 Definitions - 'providing a custodial or depository service' No  
Section 5 Definitions - 'qualified accountant' No  
Section 5 Definitions - 'registrable designated remittance service' No  
Section 5 Definitions - 'registrable details' Yes Chapter 27 - Anti-Money Laundering and Counter-Terrorism Financing Rules for registrable details relating to the Register of Providers of Designated Remittance Services and the Remittance Sector Register
Section 5 Definitions - 'registrable remittance network service' No  
Section 6 Designated services - Item 1 Yes Chapter 71 - Credit card reform - ‘Non-ADI credit card issuers and acquirers’ relevant to Items 1, 2, and 3 in Table 1
Section 6 Designated services - Item 2 Yes Chapter 71 - Credit card reform - ‘Non-ADI credit card issuers and acquirers’ relevant to Items 1, 2, and 3 in Table 1
Section 6 Designated services - Item 3 Yes  Chapter 71 - Credit card reform - ‘Non-ADI credit card issuers and acquirers’ relevant to Items 1, 2, and 3 in Table 1
Section 6 Designated services - Item 4 No  
Section 6 Designated services - Item 5 No  
Section 6 Designated services - Item 17 No  
Section 6 Designated services - Item 18 No  
Section 6 Designated services - Item 18A No  
Section 6 Designated services - Item 19 No  
Section 6 Designated services - Item 19A No  
Section 6 Designated services - Item 20 No  
Section 6 Designated services - Item 20A No  
Section 6 Designated services - Item 33 No  
Section 6 Designated services - Item 34 No  
Section 6 Designated services - Item 35 Yes Chapter 21 - Issuing or selling a security or derivative
Section 8 Person-to-person electronic funds transfer instructions - subparagraphs 8(1)(c)(v), 8(1)(d)(v) and 8(2)(c)(v) Yes
  • Chapter 51 - AML/CTF Rules relating to certain definitions under the AML/CTF Act - Ordering and Beneficiary Institutions, Financial Institutions and Non-Financiers
  • Chapter 72 - Account-based money transfer systems
Section 9 Same-person electronic funds transfer instructions - subparagraphs 9(1)(c)(v), 9(1)(d)(v) and 9(2)(c)(v) Yes
  • Chapter 51 - AML/CTF Rules relating to certain definitions under the AML/CTF Act - Ordering and Beneficiary Institutions, Financial Institutions and Non-Financiers
  • Chapter 72 - Account-based money transfer systems
Section 10 Designated remittance arrangements etc. - paragraph 10(1)(c) No  
Section 13 Eligible gaming machine venues - subsection 13(d) No  
Section 14 Residency - subsections 14(7), 14(8) and 14(9) No  
Section 19 Translation of e-currency to Australian currency No  

Part 2 - Identification procedures etc.

Provision of the AML/CTF Act containing rule-making powers AML/CTF Rules? Chapter of the AML/CTF Rules
Section 29 Verification of identity of pre-commencement customer etc. - paragraphs 29(2)(a) and (b) Yes Chapter 6 - Part 6.3 Verification of identity of pre-commencement customers
Section 30 Identification procedures for certain low-risk services - subsection 30(1) No  
Section 31 Verification of identity of low-risk service customer etc. - paragraphs 31(1)(b), 31(2)(a) and 31(2)(b) Yes Chapter 6 - Part 6.4 Verification of identity of low-risk service customers
Section 33 Special circumstances that justify carrying out the applicable customer identification procedures after the commencement of the provision of a designated service - subsections 33(a) and 33(b) Yes
  • Chapter 10 - Part 10.4 Accounts for online gambling services
  • Chapter 46 - Special circumstances for the applicable customer identification procedure
Section 34 Carrying out the applicable customer identification procedure after the commencement of the provision of a designated service etc. - subparagraph 34(1)(d)(i), paragraph 34(2)(a), paragraph 34(2)(b) and subsection 34(4) Yes
  • Chapter 10 - Part 10.4 Accounts for online gambling services
  • Chapter 46 - Special circumstances for the applicable customer identification procedure
Section 35 Verification of identity of customer etc. - subparagraphs 35(1)(b)(i), (ii) and (iii) and paragraphs 35(2)(a) and (b) Yes Chapter 6 - Part 6.2 Verification of identity of customers for the purpose of section 35
Section 35E Retention of verification information - credit reporting agencies - paragraph 35E(1)(e) No  
Section 35F Retention of verification information - reporting entities - paragraphs 35F(1)(d) and 35F(5)(b) No  
Section 36 Ongoing customer due diligence - paragraph 36(1)(b) Yes

 

  • Chapter 4 - regarding applicable customer identification procedures
  • Chapter 5 - Part 5.1 Special anti-money laundering and counter-terrorism financing (AML/CTF) program, Part 5.2 Applicable customer identification procedures in relation to special AML/CTF program
  • Chapter 8 - regarding Part A of a standard AML/CTF program
  • Chapter 9 - regarding Part A of a joint AML/CTF program
  • Chapter 15 - Ongoing customer due diligence
  • Chapter 30 - Disclosure certificates obtained by reporting entities in the course of conducting applicable customer identification procedures

 

Section 38 Applicable customer identification procedures deemed to be carried out by a reporting entity - subsections 38(b) and (d) Yes Chapter 7 - Part 7.1 Applicable customer identification procedures deemed to have been carried out by a reporting entity, Part 7.2 Licensed financial advisers, Part 7.3 Designated business groups
Section 39 General exemptions - subsection 39(1) No  
Section 39 General exemptions - subsection 39(2) No  
Section 39 General exemptions - subsection 39(3) No  
Section 39 General exemptions - subsection 39(4) Yes
  • Chapter 10 - Chapter 10, Part 10.1 Casinos, Part 10.2 On-course bookmakers and totalisator agency boards, Part 10.3 Gaming machines
  • Chapter 14 - Thresholds for certain designated services
  • Chapter 28 - Applicable customer identification procedures in certain circumstances - assignment, conveyance, sale or transfer of businesses
  • Chapter 33 - Applicable customer identification procedure for purchases and sales of bullion valued at less than $5000
  • Chapter 35 - Exemption from applicable customer identification procedures for correspondent banking relationships
  • Chapter 38 - Exemption from applicable customer identification procedures for the sale of shares for charitable purposes
  • Chapter 39 - Exemption from applicable customer identification procedures - premium funding loans for a general insurance policy
  • Chapter 41 - Cashing out of superannuation fund low balance accounts
  • Chapter 49 - International Uniform Give-Up Agreements
  • Chapter 50 - Exemption from applicable customer identification procedures in certain circumstances
  • Chapter 66 - Applicable customer identification procedures in certain circumstances - compulsory partial or total transfer of business made under the Financial Sector (Business Transfer and Group Restructure) Act 1999
  • Chapter 67 - Warrants

Part 3 - Reporting obligations

Provision of the AML/CTF Act containing rule-making powers AML/CTF Rules? Chapter of the AML/CTF Rules
Section 41 Reports of suspicious matters - paragraph 41(3)(b) and subsection 41(5) Yes Chapter 18 - Reportable details for suspicious matters
Section 42 Exemptions - subsections 42(1), (2), (3) and (4) No  
Section 43 Reports of threshold transactions - paragraph 43(3)(b) Yes Chapter 19 - Reportable details for threshold transactions
Section 44 Exemptions - subsection 44(1) No  
Section 44 Exemptions - subsection 44(2) No  
Section 44 Exemptions - subsection 44(3) Yes Chapter 53 - Exemption from threshold transaction reporting for certain designated services relating to Australian Government Entities and authorised deposit-taking institutions
Section 44 Exemptions - subsection 44(4) Yes Chapter 37 - Exemption from threshold transaction reporting for certain designated services 
Section 45 Reports of international funds transfer instructions - paragraphs 45(1)(c) and 45(3)(b) and subsections 45(6) and (7) Yes
  • Chapter 16 - Reportable details for international funds transfer instructions (items 1 and 2 in section 46)
  • Chapter 17 - Reportable details for international funds transfer instructions under a designated remittance arrangement (items 3 and 4 in section 46)
  • Chapter 51 - AML/CTF Rules relating to certain definitions under the AML/CTF Act - Ordering and Beneficiary Institutions, Financial Institutions and Non-Financiers
  • Chapter 72 - Account-based money transfer systems
Section 47 AML/CTF compliance reports - subsections 47(1) and 47(2) Yes Chapter 11 - Compliance Report - Reporting and Lodgement periods
Section 49A AML/CTF Rules may make provision in relation to reports by registered remittance affiliates - subsections 49A(1) and (2) Yes Chapter 54 - Reporting obligations of registered remittance affiliates

Part 3A - Reporting Entities Roll

Provision of the AML/CTF Act containing rule-making powers AML/CTF Rules? Chapter of the AML/CTF Rules
Section 51C Reporting Entities Roll - subsection 51C(4) Yes
  • Chapter 62 - Reporting Entities Roll
  • Chapter 63 - Information to be provided or in relation to an application for enrolment as a reporting entity
Section 51E Applications for enrolment - paragraphs 51E(2)(a) and (b) Yes Chapter 63 - Information to be provided or in relation to an application for enrolment as a reporting entity
Section 51F Enrolled persons to advise of change in enrolment details - subsection 51F(1) and paragraph 51F(2)(b) Yes Chapter 64 - Changes in enrolment details in respect to a reporting entity
Section 51G Removal of entries from the Reporting Entities Roll - paragraph 51G(2)(b) Yes Chapter 65 - Removal of entries from the Reporting Entities Roll

Part 4 - Reports about cross-border movements of physical currency and bearer negotiable instruments

Provision of the AML/CTF Act containing rule-making powers AML/CTF Rules? Chapter of the AML/CTF Rules
Section 53 Reports about movements of physical currency into or out of Australia - paragraph 53(8)(b) Yes Chapter 24 - Anti-Money Laundering and Counter-Terrorism Financing Rules for movements of physical currency into or out of Australia
Section 55 Reports about receipts of physical currency from outside Australia - paragraph 55(5)(b) Yes Chapter 25 - Anti-Money Laundering and Counter-Terrorism Financing Rules for receipts of physical currency from outside Australia
Section 59 Reports about movements of bearer negotiable instruments into or out of Australia - paragraph 59(2)(b) Yes Chapter 26 - Anti-Money Laundering and Counter-Terrorism Financing Rules for movements of bearer negotiable instruments into or out of Australia
Section 61 Power to affix notices about reporting obligations - paragraphs 61(1)(b) and 61(2)(b) Yes Chapter 34 - Affixing of notices about cross-border movement reporting obligations
Section 62 Notice about reporting obligations to be given to travellers to Australia - paragraphs 62(1)(b), 62(2)(a) and 62(2)(b) No  

Part 5 - Electronic funds transfer instructions

Provision of the AML/CTF Act containing rule-making powers AML/CTF Rules? Chapter of the AML/CTF Rules
Section 67 Exemptions - paragraphs 67(2)(c) and (d), 67(2A)(b) and (c), subsection 67(3), paragraph 67(4)(a) and (b), paragraph 67(4A)(b) and (c) and subsection 67(6) No  
Section 70 Required transfer information - paragraphs 70(a)(i), (ii) and (iii) Yes Chapter 12 - Electronic funds transfer instructions

Part 6 - The Remittance Sector Register

Provision of the AML/CTF Act containing rule-making powers AML/CTF Rules? Chapter of the AML/CTF Rules
Section 75 Remittance Sector Register - subsection 75(4) Yes
  • Chapter 44 - Removing a Person's Name and Registrable Details from the Register of Providers of Designated Remittance Services
  • Chapter 55 - Remittance Sector Register
  • Chapter 56 - Information to be included in an application for registration as a remittance network provider, a remittance affiliate of the registered remittance network provider or an independent remittance dealer
  • Chapter 60 - Change in registration details regarding the person
Section 75B Applications for registration - paragraph 75B(3)(b) and subsection 75B(4) Yes Chapter 56 - Information to be included in an application for registration as a remittance network provider, a remittance affiliate of the registered remittance network provider or an independent remittance dealer
Section 75C Registration by AUSTRAC CEO - paragraph 75C(2)(b) and subsection 75C(3) Yes Chapter 57 - Matters to be considered by the AUSTRAC CEO in considering applications for registration
Section 75G Cancellation of registration - paragraph 75G(1)(c) and subsection 75G(3) Yes Chapter 58 - Matters to be considered by the AUSTRAC CEO when deciding to cancel a registration
Section 75H Suspension of registration - subsections 75H(1) and (2) Yes Chapter 59 - Matters to be considered by the AUSTRAC CEO when deciding to suspend a registration
Section 75J Renewal of registration - subsections 75J(1), (2) and (3) Yes  Chapter 70 - Renewal of registration
Section 75L AML/CTF Rules - general provision No  
Section 75M Registered persons to advise of material changes in circumstances etc. - paragraphs 75M(1)(e) and 75M(2)(b) Yes Chapter 60 - Change in registration details regarding the person
Section 84 Standard anti-money laundering and counter-terrorism financing program - paragraphs 84(2)(b), 84(2)(c) and 84(3)(b) Yes
  • Chapter 4 - regarding applicable customer identification procedures, Part 4.1 to Part 4.10
  • Chapter 8 - regarding Part A of a standard anti-money laundering and counter-terrorism financing (AML/CTF) program, Parts 8.1 to 8.9
  • Chapter 15 - Ongoing customer due diligence
  • Chapter 30 - Disclosure certificates obtained by reporting entities in the course of conducting applicable customer identification procedures
Section 85 Joint anti-money laundering and counter-terrorism financing program - paragraphs 85(2)(c) and 85(3)(b) Yes
  • Chapter 4 - regarding applicable customer identification procedures, Part 4.1 to Part 4.10
  • Chapter 9 - regarding Part A of a joint anti-money laundering and counter-terrorism financing (AML/CTF) program, Parts 9.1 to 9.9
  • Chapter 15 - Ongoing customer due diligence
  • Chapter 30 - Disclosure certificates obtained by reporting entities in the course of conducting applicable customer identification procedures
Section 86 Special anti-money laundering and counter-terrorism financing program - paragraph 86(1)(c) Yes
  • Chapter 5 - Part 5.1 Special anti-money laundering and counter-terrorism financing (AML/CTF) program, Part 5.2 Applicable customer identification procedures in relation to special AML/CTF program
  • Chapter 30 - Disclosure certificates obtained by reporting entities in the course of conducting applicable customer identification procedures
Section 89 Applicable customer identification procedures - agent of customer - subsections 89(1), (2) and (3) Yes
  • Chapter 4 - Part 4.11 Agents of customers
  • Chapter 5 - Part 5.2 applicable customer identification procedures in relation to special AML/CTF program
Section 90 Applicable customer identification procedures - customers other than individuals - subsections 90(1), (2) and (3) No  
Section 91 Applicable customer identification procedures - disclosure certificates - subsections 91(1), (2) and (3) Yes Chapter 30 - Disclosure certificates obtained by reporting entities in the course of conducting applicable customer identification procedures
Section 93 Exemptions - subsections 93(1) and (2) No  

Part 8 - Correspondent banking

Provision of the AML/CTF Act containing rule-making powers AML/CTF Rules? Chapter of the AML/CTF Rules
Section 97 Due diligence assessments before entering into correspondent banking relationships etc. - paragraph 97(2)(a) Yes Chapter 3 - Part 3.1 Correspondent banking due diligence
Section 98 Regular due diligence assessments of correspondent banking relationships etc. - paragraph 98(2)(a), subparagraphs 98(3)(a)(ii) 98(3)(b)(ii), subsection 98(4) and subsection 98(5) Yes Chapter 3 - Part 3.1 Correspondent banking due diligence
Section 99 Other rules about correspondent banking relationships - subsection 99(1) Yes Chapter 3 - Part 3.1 Correspondent banking due diligence

Part 10 - Record-keeping requirements

Provision of the AML/CTF Act containing rule-making powers AML/CTF Rules? Chapter of the AML/CTF Rules
Section 106 Records of designated services - subsections 106(1), (2) and (3) and paragraph 106(6)(b) Yes
  • Chapter 4 - regarding applicable customer identification procedures
  • Chapter 5 - Part 5.1 Special anti-money laundering and counter-terrorism financing (AML/CTF) program, Part 5.2 Applicable customer identification procedures in relation to special AML/CTF program
Section 107 Transaction records to be retained - paragraph 107(1)(b) and 107(4)(b) Yes
  • Chapter 4 - regarding applicable customer identification procedures
  • Chapter 5 - Part 5.1 Special anti-money laundering and counter-terrorism financing (AML/CTF) program, Part 5.2 Applicable customer identification procedures in relation to special AML/CTF program
  • Chapter 29 - Record-keeping obligations under section 107
Section 108 Customer-provided transaction documents to be retained - paragraph 108(4)(b) Yes
  • Chapter 4 - regarding applicable customer identification procedures
  • Chapter 5 - Part 5.1 Special anti-money laundering and counter-terrorism financing (AML/CTF) program, Part 5.2 Applicable customer identification procedures in relation to special AML/CTF program
Section 112 Making of records of identification procedures - paragraph 112(2)(c), subsection 112(3) and paragraph 112(5)(b) Yes Chapter 68 - Anti-Money Laundering and Counter-Terrorism Financing Rules relating to records of identification procedures
Section 113 Retention of records of identification procedures - subparagraph 113(1)(b)(iii) and paragraph 113(4)(b) No  
Section 114 Records of identification procedures deemed to have been carried out by a reporting entity - subparagraph 114(1)(c)(iii), paragraph 114(1)(d) and paragraph 114(7)(b) No  
Section 116 Records about anti-money laundering and counter-terrorism financing programs - paragraph 116(6)(b) No  
Section 118 Exemptions - subsection 118(1) No  
Section 118 Exemptions - subsection 118(2) Yes Chapter 10 - Part 10.1 Casinos, Part 10.2 On-course bookmakers and totalisator agency boards
Section 118 Exemptions - subsection 118 (3) No  
Section 118 Exemptions - subsection 118(4) Yes Chapter 10 - Part 10.1 Casinos, Part 10.2 On-course bookmakers and totalisator agency boards

Part 11 - Secrecy and access

Provision of the AML/CTF Act containing rule-making powers AML/CTF Rules? Chapter of the AML/CTF Rules
Section 123 Offence of tipping off - subparagraph 123(4)(a)(v) No  

Part 12 Offences

No rule-making powers

Part 13 - Audit

No rule-making powers

Part 14 - Information-gathering powers

No rule-making powers

Part 15 - Enforcement

Provision of the AML/CTF Act containing rule-making powers AML/CTF Rules? Chapter of the AML/CTF Rules
Section 186A Amount of penalty - breaches of certain provisions of Part 6 or Part 3A - subsection 186A(3) No  

Part 16 - Administration

Provision of the AML/CTF Act containing rule-making powers AML/CTF Rules? Chapter of the AML/CTF Rules
Section 229 AML/CTF Rules - subsection 229(1) Yes All AML/CTF Rules in this Table including Chapter 1 - Definitions.

Part 17 - Vicarious liability

No rule-making powers

Part 17A - Review of decisions

Provision of the AML/CTF Act containing rule-making powers AML/CTF Rules? Chapter of the AML/CTF Rules
Section 233D Applications for reconsideration of decisions made by delegates of the AUSTRAC CEO - subparagraph 233D(3)(b) No  

Part 18 - Miscellaneous

Provision of the AML/CTF Act containing rule-making powers AML/CTF Rules? Chapter of the AML/CTF Rules
Section 247 General exemptions - subsection 247(1) No  
Section 247 General exemptions - subsection 247(2) No  
Section 247 General exemptions - subsection 247(3) Yes
  • Chapter 21 - Issuing or selling a security or derivative
  • Chapter 22 - Exemption of certain types of transactions relating to the over-the-counter derivatives market
  • Chapter 31 - Exemption of certain types of transactions relating to currency exchange transactions
  • Chapter 32 - Exemption of certain types of transactions relating to safe deposit boxes or similar facilities
  • Chapter 36 - Exemption of certain designated services within a corporate structure
  • Chapter 42 - Commodity warehousing of grain
  • Chapter 47 - Risk-only life policy interests in a superannuation fund
  • Chapter 48 - Exemption of salary packaging administration services from the AML/CTF Act
  • Chapter 73 - Exemption for Registered Plan Management Providers
Section 247 General exemptions - subsection 247(4) Yes
  • Chapter 11 - Compliance Report - Reporting and Lodgment periods
  • Chapter 20 - Record-keeping obligations under section 114
  • Chapter 43 - Friendly Society closed funds
  • Chapter 45 - Debt Collection
  • Chapter 52 - Persons who are licensed to operate no more than 15 gaming machines
  • Chapter 69 - Casino licence holders - exemption from applying for registration on the Remittance Sector Register
  • Chapter 74 - Exemption for licensed trustee companies
  • Chapter 75 - Exemption for law enforcement operations

Combating the Financing of People Smuggling and Other Measures Act 2011

Schedule 1

Provision of the Combating the Financing of People Smuggling and Other Measures Act 2011 AML/CTF Rules? Chapter of the AML/CTF Rules
Item 50 AML/CTF Rules may make provision in relation to reports by certain reporting entities - sub items 50(1) and (2) Yes Chapter 61 - Reporting obligations of remittance affiliates
Last modified: 21/12/2017 11:29