Sue Lines (President) | Hansard source

The question is that the government amendments on sheet ZB355 be agreed to.

Government's circulated amendments—

(1) Clause 2, page 2 (after table item 3), insert:

(2) Clause 2, page 2 (table item 4, column 1), after "Part 1", insert ", Division 2".

(3) Clause 2, page 2 (table item 5, column 2), omit "table item 4", substitute "table item 3B".

(4) Clause 2, page 3 (table item 11, column 2), omit "table item 4", substitute "table item 3B".

(5) Schedule 1, item 19, page 9 (line 11), omit "or", substitute "and".

(6) Schedule 1, item 19, page 9 (after line 11), at the end of paragraph 10A(1)(a), add:

(iv) the conditions (if any) relating to changes in membership, dissolution, administration or operation of the group that are specified in the AML/CTF Rules are satisfied; or

(7) Schedule 1, item 19, page 9 (line 22), at the end of paragraph 10A(1)(b), add:

; and (vi) the conditions (if any) relating to changes in membership, dissolution, administration or operation of the group that are specified in the AML/CTF Rules are satisfied.

(8) Schedule 1, item 19, page 9 (after line 22), after subsection 10A(1), insert:

(1A) Subject to subsection (2A), a person may be a member of a group to which paragraph (1)(b) applies even if the person is a member of a group to which paragraph (1)(a) applies.

(1B) The requirement in subparagraph (1)(b)(i) to make a written election does not apply in relation to a member of a group in the circumstances specified in the AML/CTF Rules.

(9) Schedule 1, item 19, page 9 (after line 24), after subsection 10A(2), insert:

(2A) If a person is a member of more than one reporting group, the AML/CTF Rules may specify circumstances in which that person is taken, for the purposes of this Act, to be a member of only one of those reporting groups.

(10) Schedule 1, item 24, page 18 (lines 31 and 32), omit subsection 26F(8), substitute:

Reporting entities must develop and maintain AML/CTF policies before providing designated services

(8) A reporting entity must not commence to provide a designated service to a customer if the reporting entity does not comply with subsection (1).

Civil penalty

(8A) Subsection (8) is a civil penalty provision.

(11) Schedule 1, item 24, page 18 (line 33), omit "(1)", substitute "(8)".

(12) Schedule 1, item 24, page 19 (line 3), omit "(1)", substitute "(8)".

(13) Schedule 1, item 24, page 20 (lines 2 to 11), omit subsections 26G(4) and (5).

(14) Schedule 1, item 24, page 27 (line 29), omit paragraph 26T(3)(c), substitute:

(c) subsection 26P(2);

(d) Division 5.

(15) Schedule 1, page 31 (after line 7), after item 35, insert:

35A Paragraph 123(1)(a)

Repeal the paragraph, substitute:

(a) the person is or has been:

(i) a reporting entity; or

(ii) an officer, employee or agent of a reporting entity; or

(iii) a member of a reporting group; or

(iv) an officer, employee or agent of a member of a reporting group; or

(v) required by a notice under subsection 49(1) to give information or produce documents; or

(vi) required by notice under subsection 49B(2) to give information or produce documents; and

(16) Schedule 2, item 5, page 38 (lines 1 and 2), omit ", in or for an Australian government body,", substitute "(whether or not in or for the Commonwealth)".

(17) Schedule 2, item 7, page 44 (line 29) to page 45 (line 3), omit subsections 28(9) and (10), substitute:

(9) A reporting entity that contravenes subsection (1) in relation to a customer commits a separate contravention of that subsection in respect of each designated service that the reporting entity provides to the customer at or through a permanent establishment of the reporting entity in Australia.

(10) A reporting entity that contravenes subsection (1) in relation to a customer commits a separate contravention of that subsection on each day that the reporting entity provides designated services to the customer at or through a permanent establishment of the reporting entity in a foreign country.

(18) Schedule 2, item 7, page 45 (line 5), omit "(1) Despite", substitute "Despite".

(19) Schedule 2, item 7, page 45 (line 30) to page 46 (line 3), omit subsections 29(2) and (3).

(20) Schedule 2, item 7, page 48 (lines 12 to 21), omit subsections 30(7) and (8), substitute:

(7) A reporting entity that contravenes subsection (1) in relation to a customer commits a separate contravention of that subsection in respect of each designated service that the reporting entity provides to the customer at or through a permanent establishment of the reporting entity in Australia.

(8) A reporting entity that contravenes subsection (1) in relation to a customer commits a separate contravention of that subsection on each day that the reporting entity provides designated services to the customer at or through a permanent establishment of the reporting entity in a foreign country.

(21) Schedule 3, item 1, page 58 (line 31), omit "20", substitute "30".

(22) Schedule 3, item 9, page 65 (starting at line 26), omit the item, substitute:

9 Subsection 6(2) (table item 46, column headed "Provision of a designated service", paragraph (b))

Repeal the paragraph, substitute:

(b) the service is not specified in the AML/CTF Rules

(23) Schedule 3, item 10, page 66 (table items 1 and 2), omit the table items, substitute:

(24) Schedule 3, Part 3, page 70 (after line 12), at the end of the Part, add:

10A Before subsection 6(7)

Insert:

Services provided by barristers on instructions of a solicitor

(6B) Despite anything in this section, a service is not a designated service if the service is provided by a person in the course of legal practice as a barrister on the instructions of a solicitor, if the instructions are given in connection with the provision of a designated service.

(25) Schedule 5, item 2, page 81 (line 24) to page 82 (line 6), omit paragraph 123(1)(a), substitute:

(a) the person is or has been:

(i) a reporting entity; or

(ii) an officer, employee or agent of a reporting entity; or

(iii) required by a notice under subsection 49(1) to give information or produce documents; or

(iv) required by notice under subsection 49B(2) to give information or produce documents; and

(26) Schedule 8, item 14, page 100 (line 17), omit "other".

(27) Schedule 8, item 22, page 102 (line 11), after "receives", insert "or otherwise obtains".

(28) Schedule 8, item 22, page 102 (line 19) to page 103 (line 14), omit subsections 63A(1) to (3), substitute:

(1) Whether a person is an ordering institution is to be determined in accordance with the AML/CTF Rules.

(2) Without limiting subsection (1), AML/CTF Rules made for the purposes of that subsection may specify the following:

(a) criteria or other requirements that a person must satisfy to be an ordering institution;

(b) circumstances in which a person is an ordering institution.

(29) Schedule 8, item 22, page 103 (line 17), omit "incidentally", substitute "in circumstances where the transfer is reasonably incidental".

(30) Schedule 8, item 22, page 103 (line 28) to page 104 (line 18), omit subsections 63A(5) to (7), substitute:

(5) Whether a person is a beneficiary institution is to be determined in accordance with the AML/CTF Rules.

(6) Without limiting subsection (5), AML/CTF Rules made for the purposes of that subsection may specify the following:

(a) criteria or other requirements that a person must satisfy to be a beneficiary institution;

(b) circumstances in which a person is a beneficiary institution.

(31) Schedule 8, item 22, page 104 (line 21), omit "incidentally", substitute "in circumstances where the making available of the value is reasonably incidental".

(32) Schedule 8, item 22, page 106 (line 5), after "value,", insert "or otherwise gives effect to the transfer of value,".

(33) Schedule 8, item 22, page 107 (lines 12 to 21), omit subsection 65(3), substitute:

(3) If:

(a) the beneficiary institution:

(i) detects that it has not received all of the information mentioned in paragraph (2)(a); and

(ii) has not otherwise obtained the information; or

(b) the beneficiary institution detects that some or all of the information received or otherwise obtained about the payee is not accurate;

then the beneficiary institution must, in accordance with its AML/CTF program, do at least one of the following:

(c) refuse to make the transferred value available to the payee;

(d) take such other action as the beneficiary institution determines.

Note: See also section 26G (reporting entities must comply with AML/CTF policies).

(34) Schedule 8, item 22, page 108 (line 16), after "subsection (2),", insert "and the intermediary institution has not otherwise obtained the information,".

(35) Schedule 8, item 22, page 110 (line 3), omit "that", substitute "if the beneficiary institution".

(36) Schedule 8, item 22, page 110 (line 4), omit "a custodial wallet controlled by".

(37) Schedule 8, item 22, page 110 (line 7), omit "a custodial wallet controlled by".

(38) Schedule 8, item 22, page 110 (line 35), after "institution has", insert "received or otherwise".

(39) Schedule 8, item 22, page 111 (line 2), omit "64(3)", substitute "65(2)".

(40) Schedule 8, item 38, page 117 (line 23), omit "ownership or control of", substitute "person who controls".

(41) Schedule 9, page 140 (after line 13), after item 26, insert:

26A Section 5 (after paragraph (b) of the definition of qualified accountant )

Insert:

(ba) the Institute of Public Accountants; or

(42) Schedule 10, item 6, page 145 (lines 19 to 23), omit the item, substitute:

6 Subsection 6(2) (table item 47, column headed "Provision of a designated service", paragraph (b))

Repeal the paragraph, substitute:

(b) the service is not provided in the course of carrying on a business that provides short-term accommodation for travellers; and

(c) the service is not specified in the AML/CTF Rules