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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

AML/CFT requirements and compliance - Prescribed transaction reports

48B: Prescribed transaction reports

You could also call this:

"Reporting big or suspicious money transactions to help stop crime"

Illustration for Anti-Money Laundering and Countering Financing of Terrorism Act 2009

When you make a report under section 48A(1), it must be in a certain form. You need to include information like what the transaction was, how much it was, and when it happened. You also need to say who was involved and when it took place. You must sign the report, unless you are sending it electronically. Then you send it to the Commissioner, either by secure electronic transmission or another way you agree on. The Commissioner can choose who receives these reports, like a specific Police employee or a group of them. You have to follow these rules when making a report, and you can find more information in section 153(c). The report must have all the required information, and you must send it in the right way. This helps keep track of transactions and prevents money laundering and terrorism financing.

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Topics:
Crime and justice > Police and safetyMoney and consumer rights > Consumer protection
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48A: Reporting entities to report certain prescribed transactions, or

"Reporting entities must tell the government about certain big or suspicious transactions"

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48C: Sections 43 to 48 apply to prescribed transactions, or

"Rules for certain transactions must be followed"

Part 2AML/CFT requirements and compliance
Prescribed transaction reports

48BPrescribed transaction reports

  1. Except as provided in subsection (2), a report made under section 48A(1) must—

  2. be in the form or forms (if any) prescribed by regulations made under section 153(c); and
    1. contain the following information:
      1. a description of the nature of the transaction:
        1. the amount of the transaction and the currency in which it was denominated:
          1. the date on which the transaction was conducted:
            1. the parties to the transaction:
              1. if applicable, the name of the facility through which the transaction was conducted, and any other facilities (whether or not provided by the reporting entity) directly involved in the transaction:
                1. any other information prescribed by regulations made under section 153(c); and
                2. be signed by a person authorised by the reporting entity to sign prescribed transaction reports (unless the report is provided by electronic means other than an electronic copy of the signed report); and
                  1. be forwarded, in writing, to the Commissioner—
                    1. by way of secure electronic transmission specified or provided by the Commissioner for this purpose; or
                      1. by another means (including, without limitation, by way of transmission by post, fax, or email) that may be agreed from time to time between the Commissioner and the reporting entity concerned.

                      2. The Commissioner may confer the authority to receive a prescribed transaction report under subsection (1) on—

                      3. any specified Police employee; or
                        1. Police employees of any specified rank or class; or
                          1. any Police employee or Police employees for the time being holding any specified office or specified class of offices.

                            Notes
                            • Section 48B: inserted, on , by section 9 of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 (2015 No 96).