154Regulations relating to application of Act

1. The Governor-General may, by Order in Council on the recommendation of the Minister, make regulations for the following purposes:

2. exempting or providing for the exemption of any transaction, product, or service or class of transactions, products, or services from all or any of the provisions of this Act:
3. exempting or providing for the exemption of any financial activity or class of financial activities described in the definition of financial institution in section 5 from all or any of the provisions of this Act:
4. declaring an entity or a class of entities to be an approved entity or approved class of entities for the purposes of section 33(3A):
5. excluding certain relationships or banking services from the application of section 29 (which relates to correspondent banking relationships):
6. exempting a reporting entity from its obligation to obtain some or all of the information set out in section 27(1) in relation to a specified transfer or transaction:
7. exempting a reporting entity or a class of reporting entity from the obligation to report under section 48A in relation to international wire transfers:
8. exempting certain movements of cash from the application of subpart 6 of Part 2:
9. prescribing threshold values for the purposes of sections 68 and 69 and the person or class of persons, transaction or class of transactions, financial activity or class of financial activities to which that threshold value applies:
10. declaring an account or arrangement to be, or not to be, a facility and the circumstances and conditions in which an account or arrangement is to be, or not to be, a facility for the purposes of this Act:
11. declaring a person or class of persons to be, or not to be, a reporting entity and the circumstances and conditions in which a person or class of persons is to be, or not to be, a reporting entity for the purposes of this Act:
12. declaring an activity or a class of activities to be, or not to be, an occasional activity and the circumstances and conditions in which an activity or a class of activities is to be, or not to be, an occasional activity for the purposes of the Act:
13. declaring a transaction or class of transactions to be, or not to be, an occasional transaction and the circumstances and conditions in which a transaction or class of transactions is to be, or not to be, an occasional transaction for the purposes of this Act:
14. declaring an activity or a class of activities to be, or not to be, an occasional activity for the purposes of this Act:
15. declaring a transfer or transaction or a class of transfers or transactions not to be a wire transfer and the circumstances and conditions in which a transfer or transaction or class of transfers or transactions is not a wire transfer for the purposes of this Act:
16. declaring a person or class of persons to be, or not to be, a customer and the circumstances and conditions in which a person or class of persons is to be, or not to be, a customer for the purposes of this Act:
17. declaring an entity or class of entities (whether domestic or overseas) to be eligible for inclusion in a designated business group:
18. declaring a person or class of persons to be, or not to be, a financial institution for the purposes of this Act.

19. The Minister must, before making any recommendation, have regard to—

20. the purposes of this Act; and
21. the risk of money laundering and the financing of terrorism; and
22. the impact on the prevention, detection, investigation, and prosecution of offences; and
23. the level of regulatory burden on a reporting entity; and
24. whether the making of the regulation would create an unfair advantage for a reporting entity or would disadvantage other reporting entities; and
25. the overall impact that making the regulation would have on the integrity of, and compliance with, the AML/CFT regulatory regime.

26. The Minister must also, before making any recommendation,—

27. do everything reasonably possible on the Minister's part to advise all persons who in the Minister's opinion will be affected by any regulations made in accordance with the recommendation, or representatives of those persons, of the proposed terms of the recommendation and of the reasons for it; and
28. give such persons or their representatives a reasonable opportunity to consider the recommendation and to make submissions on it to the Minister, and the Minister must consider those submissions; and
30. make copies of the recommendation available for inspection by any person who so requests before any regulations are made in accordance with the recommendation.

31. Failure to comply with subsection (3) does not affect the validity of any regulations made under this section.

32. Regulations under this section are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

33. Repealed