Anti-Money Laundering and Counter-Terrorism Financing (Transitional Provisions and Consequential Amendments) Act 2006 (Cth)

Anti‑Money Laundering and Counter‑Terrorism Financing (Transitional Provisions and Consequential Amendments) Act 2006 Act No. 170 of 2006 as amended This compilation was prepared on 19 April 2007 [This Act was amended by Act No. 52 of 2007] Amendment from Act No. 52 of 2007 [Schedule 1 (item 53) repealed item 43 of Schedule 1 Schedule 1 (item 53) commenced on 13 April 2007] Prepared by the Office of Legislative Drafting and Publishing, Attorney‑General's Department, Canberra Contents 1 Short title 2 Commencement 3 Schedule(s) Schedule 1—Amendments Part 1—Amendments Administrative Decisions (Judicial Review) Act 1977 Anti‑Terrorism Act (No. 2) 2005 Australian Securities and Investments Commission Act 2001 Commonwealth Electoral Act 1918 Corporations Act 2001 Crimes Act 1914 Criminal Code Act 1995 Financial Management and Accountability Regulations 1997 Financial Transaction Reports Act 1988 Financial Transaction Reports Amendment Act 2006 Freedom of Information Act 1982 Inspector‑General of Intelligence and Security Act 1986 Law Enforcement Integrity Commissioner Act 2006 Privacy Act 1988 Proceeds of Crime Act 2002 Surveillance Devices Act 2004 Part 2—Transitional provisions An Act to deal with transitional and consequential matters in connection with the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006, and for other purposes [Assented to 12 December 2006] The Parliament of Australia enacts: 1 Short title This Act may be cited as the Anti‑Money Laundering and Counter‑Terrorism Financing (Transitional Provisions and Consequential Amendments) Act 2006. 2 Commencement (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms. Commencement information Column 1 Column 2 Column 3 Provision(s) Commencement Date/Details 1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table The day on which this Act receives the Royal Assent. 12 December 2006 2. Schedule 1, item 1 At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences. 13 December 2006 3. Schedule 1, items 2 to 11 Immediately after the commencement of section 2 of the Anti‑Terrorism Act (No. 2) 2005. 14 December 2005 4. Schedule 1, items 12 to 57 At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences. 13 December 2006 5. Schedule 1, item 58 At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences. Does not commence However, if that section commences before 14 December 2006, the provision(s) do not commence at all. 6. Schedule 1, items 59 to 78 At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences. 13 December 2006 7. Schedule 1, item 79 At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences. Does not commence However, if that section commences before 14 December 2006, the provision(s) do not commence at all. 8. Schedule 1, items 80 to 89 At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences. 13 December 2006 9. Schedule 1, items 90 to 92 At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences. Do not commence However, if that section commences before 14 December 2006, the provision(s) do not commence at all. 10. Schedule 1, items 93 to 112 At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences. 13 December 2006 11. Schedule 1, item 113 At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences. Does not commence However, if that section commences before 14 December 2006, the provision(s) do not commence at all. 12. Schedule 1, items 114 to 119 At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences. 13 December 2006 13. Schedule 1, item 120 At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences. Does not commence However, if that section commences before 14 December 2006, the provision(s) do not commence at all. 14. Schedule 1, item 121 At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences. 13 December 2006 15. Schedule 1, item 122 At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences. Does not commence However, if that section commences before 14 December 2006, the provision(s) do not commence at all. 16. Schedule 1, item 123 At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences. 13 December 2006 17. Schedule 1, item 124 At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences. Does not commence However, if that section commences before 14 December 2006, the provision(s) do not commence at all. 18. Schedule 1, items 125 to 128 At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences. 13 December 2006 19. Schedule 1, items 129 and 130 At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences. Do not commence However, if that section commences before 14 December 2006, the provision(s) do not commence at all. 20. Schedule 1, items 131 to 146 At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences. 13 December 2006 21. Schedule 1, item 147 Immediately after the commencement of section 2 of the Financial Transaction Reports Amendment Act 2006. 9 November 2006 22. Schedule 1, items 148 to 150 At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences. 13 December 2006 23. Schedule 1, item 151 The later of: 30 December 2006 (a) at the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences; and (paragraph (b) applies) (b) immediately after the commencement of section 5 of the Law Enforcement Integrity Commissioner Act 2006. 24. Schedule 1, items 152 to 165 At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences. 13 December 2006 Note: This table relates only to the provisions of this Act as originally passed by both Houses of the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent. (2) Column 3 of the table contains additional information that is not part of this Act. Information in this column may be added to or edited in any published version of this Act. 3 Schedule(s) (1) Each Act, and each set of regulations, that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms. (2) The amendment of any regulation under subsection (1) does not prevent the regulation, as so amended, from being amended or repealed by the Governor‑General. Schedule 1—Amendments Part 1—Amendments Administrative Decisions (Judicial Review) Act 1977 1 After paragraph (q) of Schedule 1 Insert: (qa) decisions under the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; Anti‑Terrorism Act (No. 2) 2005 2 Subsection 2(1) (cell at table item 8, column 2) Repeal the cell, substitute: 14 December 2006. However, if section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences before 14 December 2006, the provision(s) do not commence at all. 3 Subsection 2(1) (cell at table item 10, column 2) Repeal the cell, substitute: 14 December 2006. However, if section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences before 14 December 2006, the provision(s) do not commence at all. 4 Subsection 2(1) (cell at table item 11, column 2) Repeal the cell, substitute: 14 December 2006. However, if section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences before 14 December 2006, the provision(s) do not commence at all. 5 Subsection 2(1) (cell at table item 13, column 2) Repeal the cell, substitute: 14 December 2006. However, if section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences before 14 December 2006, the provision(s) do not commence at all. 6 Subsection 2(1) (cell at table item 14, column 2) Repeal the cell, substitute: 14 December 2006. However, if section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences before 14 December 2006, the provision(s) do not commence at all. 7 Subsection 2(1) (cell at table item 15, column 2) Repeal the cell, substitute: 14 December 2006. However, if section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences before 14 December 2006, the provision(s) do not commence at all. 8 Subsection 2(1) (cell at table item 16, column 2) Repeal the cell, substitute: 14 December 2006. However, if section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences before 14 December 2006, the provision(s) do not commence at all. 9 Subsection 2(1) (cell at table item 17, column 2) Repeal the cell, substitute: 14 December 2006. However, if section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences before 14 December 2006, the provision(s) do not commence at all. 10 Subsection 2(1) (cell at table item 18, column 2) Repeal the cell, substitute: 14 December 2006. However, if section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences before 14 December 2006, the provision(s) do not commence at all. 11 Subsection 2(1) (cell at table item 19, column 2) Repeal the cell, substitute: 14 December 2006. However, if section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences before 14 December 2006, the provision(s) do not commence at all. Australian Securities and Investments Commission Act 2001 12 After section 243D Insert: 243E Suspicious matters reports under the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 Section 123 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 does not prohibit a person from disclosing a fact or information referred to in that section: (a) to ASIC; or (b) to a market licensee; or (c) to a CS facility licensee; or (d) to an operator of a market exempted under section 791C of the Corporations Act; or (e) to an operator of a clearing and settlement facility exempted under section 820C of the Corporations Act; or (f) in accordance with conditions imposed on an Australian market licence under section 796A of the Corporations Act; or (g) in accordance with conditions imposed on an Australian CS facility licence under section 825A of the Corporations Act; or (h) in accordance with conditions on an exemption made under section 791C of the Corporations Act from the requirement to hold an Australian market licence; or (i) in accordance with conditions on an exemption made under section 820C of the Corporations Act from the requirement to hold an Australian CS facility licence; or (j) as prescribed by regulations made for the purposes of this paragraph. Commonwealth Electoral Act 1918 13 Subsection 90B(4) (at the end of the table) Add: 6 a prescribed person or organisation that: a copy of a Roll (or an extract of a Roll) (a) on request by the person or organisation; and (a) is a reporting entity or an agent of a reporting entity; and (b) on payment of the fee (if any) payable under subsection (9). (b) carries out applicable customer identification procedures under the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 14 Subsection 90B(10) Insert: applicable customer identification procedure has the same meaning as in the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006. 15 Subsection 90B(10) Insert: reporting entity has the same meaning as in the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006. 16 After subsection 91A(2C) Insert: (2D) For information provided under item 6 of the table in subsection 90B(4), the only permitted purpose in relation to a prescribed person or organisation is for the person or organisation to carry out an applicable customer identification procedure under the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006. 17 Subsection 91A(3) Insert: applicable customer identification procedure has the same meaning as in the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006. Corporations Act 2001 18 Paragraph 766B(3)(a) After "needs", insert "(otherwise than for the purposes of compliance with the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 or with regulations, or AML/CTF Rules, under that Act)". Crimes Act 1914 19 Section 85ZL Insert: AUSTRAC means the Australian Transaction Reports and Analysis Centre continued in existence by the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006. 20 Paragraph 85ZZH(h) Repeal the paragraph, substitute: (h) AUSTRAC, for the purpose of assessing: (i) prospective members of the staff of AUSTRAC; or (ii) persons proposed to be engaged as consultants under subsection 225(1) of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; or (iii) persons whose services are proposed to be made available to AUSTRAC under subsection 225(3) of that Act; Criminal Code Act 1995 21 Subsection 400.1(1) of the Criminal Code Insert: Australian Capital Territory indictable offence means an offence against a law of the Australian Capital Territory that may be dealt with as an indictable offence (even if it may, in some circumstances, be dealt with as a summary offence). 22 Subsection 400.1(1) of the Criminal Code Insert: banking transaction includes: (a) any transaction made at an ADI; and (b) any transaction involving a money order. 23 Subsection 400.1(1) of the Criminal Code Insert: Commonwealth indictable offence means an offence against a law of the Commonwealth, or a law of a Territory (other than the Australian Capital Territory and the Northern Territory), that may be dealt with as an indictable offence (even if it may, in some circumstances, be dealt with as a summary offence). 24 Subsection 400.1(1) of the Criminal Code Insert: export money or other property, from Australia, includes transfer money or other property from Australia by an electronic communication. 25 Subsection 400.1(1) of the Criminal Code Insert: foreign indictable offence means an offence against a law of a foreign country constituted by conduct that, if it had occurred in Australia, would have constituted an offence against: (a) a law of the Commonwealth; or (b) a law of a State or Territory connected with the offence; that may be dealt with as an indictable offence (even if it may, in some circumstances, be dealt with as a summary offence). Note: See subsection (3) for when a law of a State or Territory is connected with the offence. 26 Subsection 400.1(1) of the Criminal Code Insert: import money or other property, into Australia, includes transfer money or other property to Australia by an electronic communication. 27 Subsection 400.1(1) of the Criminal Code Insert: Northern Territory indictable offence means an offence against a law of the Northern Territory that may be dealt with as an indictable offence (even if it may, in some circumstances, be dealt with as a summary offence). 28 Subsection 400.1(1) of the Criminal Code Insert: State indictable offence means an offence against a law of a State that may be dealt with as an indictable offence (even if it may, in some circumstances, be dealt with as a summary offence). 29 At the end of section 400.1 of the Criminal Code Add: (3) For the purposes of the definition of foreign indictable offence in subsection (1), a State or Territory is connected with the offence if: (a) a dealing in money or property takes place in the State or Territory; and (b) the money or property would be proceeds of crime, or could become an instrument of crime, in relation to the offence if the offence were a foreign indictable offence. 30 Paragraph 400.2(1)(b) of the Criminal Code Repeal the paragraph, substitute: (b) the money or other property is proceeds of crime, or could become an instrument of crime, in relation to an offence that is: (i) a Commonwealth indictable offence; or (ii) a foreign indictable offence; or (iii) a State indictable offence; or (iv) an Australian Capital Territory indictable offence; or (v) a Northern Territory indictable offence. 31 Subsections 400.2(3) and (4) of the Criminal Code Repeal the subsections, substitute: (3) Subparagraph (1)(b)(iii), in its application to a particular offence against this Division, has effect only to the extent to which it is a law with respect to external affairs (within the meaning of paragraph 51(xxix) of the Constitution). 32 Paragraph 400.9(1)(b) of the Criminal Code Omit "either or both", substitute "any". 33 After subparagraph 400.9(1)(b)(i) of the Criminal Code Insert: (ia) the money or property is proceeds of crime in relation to a State indictable offence; (ib) the money or property is proceeds of crime in relation to an Australian Capital Territory indictable offence or a Northern Territory indictable offence; 34 After paragraph 400.9(2)(a) of the Criminal Code Insert: (aa) the conduct involves a number of transactions that are structured or arranged to avoid the reporting requirements of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 that would otherwise apply to the transactions; or 35 After paragraph 400.9(2)(b) of the Criminal Code Insert: (ba) the conduct amounts to an offence against section 139, 140 or 141 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; or 36 After paragraph 400.9(2)(d) of the Criminal Code Insert: (da) the conduct involves a threshold transaction (within the meaning of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006) and the defendant: (i) has contravened the defendant's obligations under that Act relating to reporting the transaction; or (ii) has given false or misleading information in purported compliance with those obligations; or 37 At the end of section 400.9 of the Criminal Code Add: (6) Subparagraph (1)(b)(ia), in its application to an offence against subsection (1), has effect only to the extent to which it is a law with respect to external affairs (within the meaning of paragraph 51 (xxix) of the Constitution). 38 At the end of section 400.11 of the Criminal Code Add: ; (e) whether an offence is a State indictable offence; (f) whether an offence is an Australian Capital Territory indictable offence; (g) whether an offence is a Northern Territory indictable offence. Financial Management and Accountability Regulations 1997 39 Part 1 of Schedule 1 (table item 104) Repeal the item, substitute: 104 Australian Transaction Reports and Analysis Centre (AUSTRAC), comprising: Chief Executive Officer (a) the Chief Executive Officer of AUSTRAC; and (b) the staff mentioned in section 224 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; and (c) consultants engaged under subsection 225(1) of that Act; and (d) the persons whose services are made available to the Chief Executive Officer of AUSTRAC under subsection 225(3) of that Act. See Note B Financial Transaction Reports Act 1988 40 Title Omit ", to establish an Australian Transaction Reports and Analysis Centre". 41 Subsection 3(1) (definition of approved) Omit "Director", substitute "AUSTRAC CEO". 42 Subsection 3(1) (definition of approved cash carrier) Omit "Director", substitute "AUSTRAC CEO". 44 Subsection 3(1) (definition of AUSTRAC) Repeal the definition, substitute: AUSTRAC means the Australian Transaction Reports and Analysis Centre continued in existence by the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006. 45 Subsection 3(1) Insert: AUSTRAC CEO means the Chief Executive Officer of AUSTRAC. 46 Subsection 3(1) (definition of Centrelink officer) Repeal the definition. 47 Subsection 3(1) (definition of Child Support Agency) Repeal the definition. 48 Subsection 3(1) Insert: commence to provide a designated service has the same meaning as in the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006. 49 Subsection 3(1) (definition of CSA officer) Repeal the definition. 50 Subsection 3(1) Insert: designated service has the same meaning as in the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006. 51 Subsection 3(1) Insert: designated service transaction: if: (a) a reporting entity provides, or commences to provide, a designated service to a customer (within the meaning of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006); and (b) the provision of the service involves a transaction; the transaction is a designated service transaction. 52 Subsection 3(1) (definition of Director) Repeal the definition. 53 Subsection 3(1) (definition of FTR information) Omit "Director", substitute "AUSTRAC CEO". 54 Subsection 3(1) (definition of Inter‑Governmental Committee) Repeal the definition. 55 Subsection 3(1) (definition of member of the staff of the Police Integrity Commission) Repeal the definition. 56 Subsection 3(1) (at the end of the definition of non‑reportable cash transaction) Add: ; and (c) that is not a designated service transaction. 57 Subsection 3(1) (definition of Police Integrity Commission) Repeal the definition. 58 Subsection 3(1) (definition of prescribed particulars) Repeal the definition. 59 Subsection 3(1) Insert: reporting entity has the same meaning as in the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006. 60 Subsection 3(1) (definition of Royal Commission) Repeal the definition. 61 Subsection 3(1) (definition of Royal Commission into the New South Wales Police Service) Repeal the definition. 62 Paragraph 7(1)(b) Omit "Director", substitute "AUSTRAC CEO". 63 At the end of subsection 7(1) Add: ; or (f) all of the following conditions are satisfied: (i) the cash dealer is a reporting entity; (ii) the transaction occurred after the commencement of Division 1 of Part 2 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; (iii) the transaction is a designated service transaction. 64 Subsections 7(2) and (3) Omit "Director" (wherever occurring), substitute "AUSTRAC CEO". 65 Subsection 8(1) Omit "Director" (wherever occurring), substitute "AUSTRAC CEO". 66 Subsections 8A(1), (2), (4), (5) and (7) Omit "Director" (wherever occurring), substitute "AUSTRAC CEO". 67 Subsection 9(2) Omit "Director", substitute "AUSTRAC CEO". 68 After subsection 11(2) Insert: (2A) Despite subsections (1) and (2), a financial institution must not enter a designated service transaction, or a class of designated service transactions, in its exemption register after the commencement of Division 1 of Part 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006. 69 Subsections 11(3) and (4) Omit "Director", substitute "AUSTRAC CEO". 70 Subsections 13(1), (2), (5) and (6) Omit "Director" (wherever occurring), substitute "AUSTRAC CEO". Note: The heading to section 13 is altered by omitting "Director" and substituting "AUSTRAC CEO". 71 After subsection 15(1A) Insert: (1B) Subsection (1) does not apply if the transfer occurred after the commencement of Division 1 of Part 4 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006. Note: A defendant bears an evidential burden in relation to the matter in subsection (1B) (see subsection 13.3(3) of the Criminal Code). 72 After subsection 15(5A) Insert: (5B) Subsection (5) does not apply if the currency was transferred after the commencement of Division 1 of Part 4 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006. Note: A defendant bears an evidential burden in relation to the matter in subsection (5B) (see subsection 13.3(3) of the Criminal Code). 73 Subparagraph 15(7)(d)(ii) Omit "Director", substitute "AUSTRAC CEO". 74 Subsection 15(8) Omit "Director", substitute "AUSTRAC CEO". 75 Subsection 15A(1) Omit "If a", substitute "Subject to subsection (3A), if a". 76 Paragraph 15A(1)(b) Omit "Director", substitute "AUSTRAC CEO". 77 Subsection 15A(3) Omit "Director" (wherever occurring), substitute "AUSTRAC CEO". 78 After subsection 15A(3) Insert: (3A) Subsection (1) does not impose any obligations on a solicitor, a solicitor corporation, or a partnership of solicitors, in relation to a transaction if: (a) the solicitor, corporation or partnership is a reporting entity; and (b) the transaction occurred after the commencement of Division 1 of Part 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; and (c) the transaction is a designated service transaction. 79 Subsections 15AA(1) and (5) Omit "Director", substitute "AUSTRAC CEO". 80 Subsection 16(1) Omit "Where", substitute "Subject to subsection (4A), where". 81 Paragraph 16(1)(d) Omit "Director", substitute "AUSTRAC CEO". 82 Subsection 16(1A) Omit "Where", substitute "Subject to subsection (4A), where". 83 Paragraph 16(1A)(d) Omit "Director", substitute "AUSTRAC CEO". 84 Subsections 16(3) and (4) Omit "Director" (wherever occurring), substitute "AUSTRAC CEO". 85 After subsection 16(4) Insert: (4A) Subsections (1) and (1A) do not impose any obligations on a cash dealer in relation to a transaction if: (a) the cash dealer is a reporting entity; and (b) the transaction occurs after the commencement of Division 1 of Part 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; and (c) the transaction is a designated service transaction. 86 Subsection 16(5A) Omit "Director" (wherever occurring), substitute "AUSTRAC CEO". 87 Subparagraph 16(5D)(b)(ii) Omit "Director", substitute "AUSTRAC CEO". 88 Paragraph 17B(1)(a) Before "a cash dealer", insert "before the commencement of Division 1 of Part 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006,". 89 Subsections 17B(3) and (4) Omit "Director", substitute "AUSTRAC CEO". 90 Paragraph 17FA(1)(a) Before "an ADI", insert "before the commencement of Division 1 of Part 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006,". 91 Paragraph 17FB(1)(a) Before "an ADI", insert "before the commencement of Division 1 of Part 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006,". 92 Subsections 17FB(2) and (4) Omit "Director" (wherever occurring), substitute "AUSTRAC CEO". 93 Subsection 18(1) Omit "This section applies", substitute "Subject to subsections (1A) and (1B), this section applies". 94 After subsection 18(1) Insert: (1A) Subparagraphs (1)(a)(i) and (b)(i) do not apply if the account is opened after the commencement of Division 1 of Part 2 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 in circumstances that amount to the provision of a designated service. (1B) Subparagraphs (1)(a)(ii) and (b)(ii) do not apply if: (a) the person becomes a signatory of the account after the commencement of Division 1 of Part 2 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; and (b) either: (i) the account is opened after the commencement of Division 1 of Part 2 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 in circumstances that amount to the provision of a designated service; or (ii) the account was opened before the commencement of that Division in circumstances that would have amounted to the provision of a designated service if all the provisions of Parts 1 and 2 of that Act had been in force at the relevant time. 95 Subsections 18(2), (2A), (8) and (8A) Omit "Director", substitute "AUSTRAC CEO". 96 Subsections 19(1), (2), (3) and (4) Omit "Director" (wherever occurring), substitute "AUSTRAC CEO". 97 Subsection 19(5) Omit "Director's", substitute "AUSTRAC CEO's". 98 Paragraphs 20(1)(a) and (b) After "cash dealer", insert "for the purposes of compliance with this Part". 99 Subparagraph 20A(1)(b)(ii) Omit "Director", substitute "AUSTRAC CEO". 100 Subsection 21A(1) Omit "This section applies", substitute "Subject to subsections (1A) and (1B), this section applies". 101 After subsection 21A(1) Insert: (1A) This section does not apply to an individual who wishes to open an account if the account is opened after the commencement of Division 1 of Part 2 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 in circumstances that amount to the provision of a designated service. (1B) This section does not apply to an individual who wishes to become a signatory to an account with an identifying cash dealer in a name by which the individual intends to be commonly known if: (a) the individual wishes to become a signatory to the account in that name after the commencement of Divisi