Commonwealth: Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth)

Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 No. 169, 2006 Compilation No. 58 Compilation date: 7 January 2025 Includes amendments: Act No. 110, 2024 About this compilation This compilation This is a compilation of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 that shows the text of the law as amended and in force on 7 January 2025 (the compilation date). The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law. Application, saving and transitional provisions for provisions and amendments If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law. Self‑repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents Part 1—Introduction 1 Short title 2 Commencement 3 Objects 4 Simplified outline 5 Definitions 6 Designated services 7 Services provided jointly to 2 or more customers 7A Securities and derivatives 8 Person‑to‑person electronic funds transfer instructions 9 Same‑person electronic funds transfer instructions 10 Designated remittance arrangements etc. 11 Control test 12 Owner‑managed branches of ADIs 13 Eligible gaming machine venues 14 Residency 15 Shell banks 16 Electronic communications 17 Bearer negotiable instruments 18 Translation of foreign currency to Australian currency 19 Translation of digital currency to Australian currency 20 Clubs and associations 21 Permanent establishment 22 Officials of Commonwealth, State or Territory agencies 23 Continuity of partnerships 24 Crown to be bound 25 Extension to external Territories 26 Extra‑territorial application Part 2—Identification procedures etc. Division 1—Introduction 27 Simplified outline Division 2—Identification procedures for certain pre‑commencement customers 28 Identification procedures for certain pre‑commencement customers 29 Verification of identity of pre‑commencement customer etc. Division 3—Identification procedures for certain low‑risk services 30 Identification procedures for certain low‑risk services 31 Verification of identity of low‑risk service customer etc. Division 4—Identification procedures etc. 32 Carrying out applicable customer identification procedure before commencement of provision of designated service 33 Special circumstances that justify carrying out the applicable customer identification procedure after the commencement of the provision of a designated service 34 Carrying out the applicable customer identification procedure after the commencement of the provision of a designated service etc. Division 5—Verification of identity etc. 35 Verification of identity of customer etc. Division 5A—Use and disclosure of personal information for the purposes of verifying an individual's identity 35A Reporting entities may disclose certain personal information to credit reporting bodies for identity verification purposes 35B Credit reporting bodies may use and disclose certain personal information for identity verification purposes 35C Reporting entities to notify inability to verify identity 35D Verification information not to be collected or held by a credit reporting body 35E Retention of verification information—credit reporting bodies 35F Retention of verification information—reporting entities 35G Access to verification information 35H Unauthorised access to verification information—offence 35J Obtaining access to verification information by false pretences—offence 35K Unauthorised use or disclosure of verification information—offence 35L Breach of requirement is an interference with privacy Division 6—Ongoing customer due diligence 36 Ongoing customer due diligence Division 7—General provisions 37 Applicable customer identification procedures may be carried out by an agent of a reporting entity 37A Reliance on applicable customer identification procedures or other procedures—agreements or arrangements 37B Regular assessments of agreement or arrangement covered by section 37A 38 Reliance on applicable customer identification procedures or other procedures—other circumstances 39 General exemptions Part 3—Reporting obligations Division 1—Introduction 40 Simplified outline Division 2—Suspicious matters 41 Reports of suspicious matters 42 Exemptions Division 3—Threshold transactions 43 Reports of threshold transactions 44 Exemptions Division 4—International funds transfer instructions 45 Reports of international funds transfer instructions 46 International funds transfer instruction Division 5—AML/CTF compliance reports 47 AML/CTF compliance reports 48 Self‑incrimination Division 6—General provisions 49 Further information to be given to the AUSTRAC CEO etc. 49A AML/CTF Rules may make provision in relation to reports by registered remittance affiliates 49B Notice to obtain information or documents in certain circumstances 49C Authorisation to obtain information or documents in certain circumstances 50 Request to obtain information about the identity of holders of foreign credit cards and foreign debit cards 50A Secrecy—information obtained under section 49, 49B or 49C 51 Division 400 and Chapter 5 of the Criminal Code Part 3A—Reporting Entities Roll 51A Simplified outline 51B Reporting entities must enrol 51C Reporting Entities Roll 51D Enrolment 51E Applications for enrolment 51F Enrolled persons to advise of change in enrolment details 51G Removal of entries from the Reporting Entities Roll Part 4—Reports about cross‑border movements of monetary instruments Division 1—Simplified outline of this Part 52 Simplified outline of this Part Division 2—Reports about monetary instruments 53 Reports about movements of monetary instruments into or out of Australia 54 Reports about receipts of monetary instruments moved into Australia 55 Movements of monetary instruments into Australia 56 Movements of monetary instruments out of Australia 57 Obligations of customs officers and police officers Division 4—Information about reporting obligations 61 Power to affix notices about reporting obligations 62 Notice about reporting obligations to be given to travellers to Australia Part 5—Electronic funds transfer instructions Division 1—Introduction 63 Simplified outline Division 2—2 or more institutions involved in the transfer 64 Electronic funds transfer instructions—2 or more institutions involved in the transfer 65 Request to include customer information in certain international electronic funds transfer instructions Division 3—Only one institution involved in the transfer 66 Electronic funds transfer instructions—only one institution involved in the transfer Division 4—General provisions 67 Exemptions 68 Defence of relying on information supplied by another person 69 Division 400 and Chapter 5 of the Criminal Code 70 Required transfer information 71 Complete payer information 72 Tracing information Part 6—The Remittance Sector Register Division 1—Simplified outline 73 Simplified outline Division 2—Restrictions on providing certain remittance services 74 Unregistered persons must not provide certain remittance services Division 3—Registration of persons 75 Remittance Sector Register 75A Information to be entered on the Remittance Sector Register 75B Applications for registration 75C Registration by AUSTRAC CEO 75D Spent convictions scheme 75E Registration may be subject to conditions 75F When registration of a person ceases 75G Cancellation of registration 75H Suspension of registration 75J Renewal of registration 75K Removal of entries from the Remittance Sector Register 75L AML/CTF Rules—general provision 75M Registered persons to advise of material changes in circumstance etc. 75N AUSTRAC CEO may request further information 75P Immunity from suit 75Q Steps to be taken by AUSTRAC CEO before making certain reviewable decisions Division 5—Basis of registration 75T Basis of registration Part 6A—The Digital Currency Exchange Register Division 1—Simplified outline 76 Simplified outline Division 2—Restrictions on providing digital currency exchange services 76A Unregistered persons must not provide certain digital currency exchange services Division 3—Registration of persons 76B Digital Currency Exchange Register 76C Information to be entered on the Digital Currency Exchange Register 76D Applications for registration 76E Registration by AUSTRAC CEO 76F Spent convictions scheme 76G Registration may be subject to conditions 76H When registration of a person ceases 76J Cancellation of registration 76K Suspension of registration 76L Renewal of registration 76M Removal of entries from the Digital Currency Exchange Register 76N AML/CTF Rules—general provision 76P Registered persons to advise of material changes in circumstance etc. 76Q AUSTRAC CEO may request further information 76R Immunity from suit 76S Steps to be taken by AUSTRAC CEO before making certain reviewable decisions Division 4—Basis of registration 76T Basis of registration Part 7—Anti‑money laundering and counter‑terrorism financing programs Division 1—Introduction 80 Simplified outline Division 2—Reporting entity's obligations 81 Reporting entity must have an anti‑money laundering and counter‑terrorism financing program 82 Compliance with Part A of an anti‑money laundering and counter‑terrorism financing program Division 3—Anti‑money laundering and counter‑terrorism financing programs 83 Anti‑money laundering and counter‑terrorism financing programs 84 Standard anti‑money laundering and counter‑terrorism financing program 85 Joint anti‑money laundering and counter‑terrorism financing program 86 Special anti‑money laundering and counter‑terrorism financing program 87 Revocation of adoption of anti‑money laundering and counter‑terrorism financing program 88 Different applicable customer identification procedures 89 Applicable customer identification procedures—agent of customer 90 Applicable customer identification procedures—customers other than individuals 91 Applicable customer identification procedures—disclosure certificates Division 4—Other provisions 92 Request to obtain information from a customer 93 Exemptions Part 8—Correspondent banking 94 Simplified outline of this Part 95 Prohibitions on correspondent banking relationships involving shell banks 96 Due diligence assessments and records of correspondent banking relationships 100 Geographical links Part 9—Countermeasures 101 Simplified outline 102 Countermeasures 103 Sunsetting of regulations after 2 years Part 10—Record‑keeping requirements Division 1—Introduction 104 Simplified outline 105 Privacy Act not overridden by this Part Division 2—Records of transactions etc. 106 Records of designated services 107 Transaction records to be retained 108 Customer‑provided transaction documents to be retained 109 Records relating to transferred ADI accounts 110 Retention of records relating to closed ADI accounts Division 3—Records in connection with the carrying out of identification procedures 111 Copying documents obtained in the course of carrying out an applicable custom identification procedure 112 Making of records of identification procedures 113 Retention of records of identification procedures 114 Retention of information if identification procedures taken to have been carried out by a reporting entity 114A Retention of records of assessments of agreements or arrangements covered by section 37A 114B Retention of records made or obtained under the repealed Financial Transaction Reports Act 1988 Division 4—Records about electronic funds transfer instructions 115 Retention of records about electronic funds transfer instructions Division 5—Records about anti‑money laundering and counter‑terrorism financing programs 116 Records about anti‑money laundering and counter‑terrorism financing programs Division 6—Records about correspondent banking relationships 117 Retention of records about correspondent banking relationships Division 7—General provisions 118 Exemptions 119 This Part does not limit any other obligations Part 11—Secrecy and access Division 1—Introduction 120 Simplified outline of this Part Division 2—AUSTRAC entrusted persons 121 Offence—AUSTRAC entrusted persons Division 3—Protection of information given under Part 3 123 Offence of tipping off 124 Report and information not admissible Division 4—Access to AUSTRAC information by Commonwealth, State or Territory agencies 125 Access to AUSTRAC information 126 Dealings with AUSTRAC information Division 5—Disclosure of AUSTRAC information to foreign countries or agencies 127 Disclosure of AUSTRAC information to foreign countries or agencies Division 6—Unauthorised accessing of or use or disclosure of AUSTRAC information 128 Unauthorised accessing of AUSTRAC information 129 Use or disclosure of AUSTRAC information disclosed in contravention of this Part Division 7—Use of AUSTRAC information in court or tribunal proceedings 134 Use of AUSTRAC information in court or tribunal proceedings Part 12—Offences 135 Simplified outline 136 False or misleading information 137 Producing false or misleading documents 138 False documents 139 Providing a designated service using a false customer name or customer anonymity 140 Receiving a designated service using a false customer name or customer anonymity 141 Customer commonly known by 2 or more different names—disclosure to reporting entity 142 Conducting transactions so as to avoid reporting requirements relating to threshold transactions 143 Conducting transfers to avoid reporting requirements relating to cross‑border movements of monetary instruments Part 13—Audit Division 1—Introduction 144 Simplified outline Division 2—Appointment of authorised officers and issue of identity cards 145 Appointment of authorised officers 146 Identity cards Division 3—Powers of authorised officers Subdivision A—Monitoring powers 147 Authorised officer may enter premises by consent or under a monitoring warrant 148 Monitoring powers of authorised officers 149 Tampering or interfering with things secured in the exercise of monitoring powers Subdivision B—Powers of authorised officers to ask questions and seek production of documents 150 Authorised officer may ask questions and seek production of documents Division 4—Obligations and incidental powers of authorised officers 151 Authorised officer must produce identity card on request 152 Consent 153 Announcement before entry 154 Details of monitoring warrant to be given to occupier etc. before entry 155 Use of electronic equipment in exercising monitoring powers 156 Compensation for damage to electronic equipment Division 5—Occupier's rights and responsibilities 157 Occupier entitled to be present during execution of monitoring warrant 158 Occupier to provide authorised officer with facilities and assistance Division 6—Monitoring warrants 159 Monitoring warrants 160 Magistrates—personal capacity Division 7—External audits 161 External audits—risk management etc. 162 External audits—compliance 163 External auditor may have regard to the results of previous audit 164 External auditors Division 8—Money laundering and terrorism financing risk assessments 165 Money laundering and terrorism financing risk assessments Part 14—Information‑gathering powers Division 1—Introduction 166 Simplified outline Division 2—Powers of authorised officers 167 Authorised officer may obtain information and documents 168 Copying documents—reasonable compensation 169 Self‑incrimination 170 Copies of documents 171 Authorised officer may retain documents 172 Division 400 and Chapter 5 of the Criminal Code Division 3—Other powers to obtain information and documents Subdivision A—Examination of persons 172A Power of AUSTRAC CEO to obtain information and documents 172B Proceedings at examination 172C Requirements made of persons appearing for examination 172D Examination to take place in private 172E Procedures for holding an examination 172F Examinee's lawyer may attend 172G Record of examination 172H Giving to other persons copies of written record of examination 172J Copies of record of examination given subject to conditions 172K Self‑incrimination Subdivision B—Evidentiary use of certain material 172L Statements made at an examination—proceedings against examinee 172M Statements made at an examination—other proceedings 172N Weight of evidence admitted under section 172M 172P Objection to admission of statements made at examination 172Q Material otherwise admissible Subdivision C—Miscellaneous 172R Application of Crimes Act and Evidence Act Part 15—Enforcement Division 1—Introduction 173 Simplified outline Division 2—Civil penalties 174 Ancillary contravention of civil penalty provision 175 Civil penalty orders 176 Who may apply for a civil penalty order 177 2 or more proceedings may be heard together 178 Time limit for application for an order 179 Civil evidence and procedure rules for civil penalty orders 180 Civil proceedings after criminal proceedings 181 Criminal proceedings during civil proceedings 182 Criminal proceedings after civil proceedings 183 Evidence given in proceedings for penalty not admissible in criminal proceedings Division 3—Infringement notices for certain contraventions 184 When an infringement notice can be given 185 Matters to be included in an infringement notice 186A Amount of penalty—breaches of certain provisions of Part 3A, 4, 6 or 6A 186B Amount of penalty—breaches of designated infringement notice provisions 187 Withdrawal of an infringement notice 188 What happens if the penalty is paid 189 Effect of this Division on criminal and civil proceedings Division 4—Monitoring of compliance 190 Monitoring of compliance Division 5—Remedial directions 191 Remedial directions Division 6—Injunctions 192 Injunctions 193 Interim injunctions 194 Discharge etc. of injunctions 195 Certain limits on granting injunctions not to apply 196 Other powers of the Federal Court unaffected Division 7—Enforceable undertakings 197 Acceptance of undertakings 198 Enforcement of undertakings Division 8—Powers of questioning, search and arrest for cross‑border movements of monetary instruments 199 Questioning and search powers in relation to monetary instruments 201 Arrest without warrant Division 9—Notices to reporting entities 202 Notices to reporting entities 203 Contents of notices to reporting entities 204 Breaching a notice requirement 205 Self‑incrimination 206 Division 400 and Chapter 5 of the Criminal Code 207 Disclosing existence or nature of notice Part 16—Administration Division 1—Introduction 208 Simplified outline Division 2—Establishment and function of AUSTRAC 209 Establishment of AUSTRAC 210 Function of AUSTRAC Division 3—Chief Executive Officer of AUSTRAC Subdivision A—Office and functions of the AUSTRAC CEO 211 AUSTRAC CEO 212 Functions of the AUSTRAC CEO 213 Policy principles Subdivision B—Appointment of the AUSTRAC CEO etc. 214 Appointment of the AUSTRAC CEO etc. 215 Remuneration and allowances of the AUSTRAC CEO 216 Leave of absence of the AUSTRAC CEO 217 Resignation of the AUSTRAC CEO 219 Termination of the AUSTRAC CEO's appointment 220 Other terms and conditions 221 Acting appointments 222 Delegation by the AUSTRAC CEO 223 Secretary may require the AUSTRAC CEO to give information Division 4—Staff of AUSTRAC etc. 224 Staff of AUSTRAC 225 Consultants and persons seconded to AUSTRAC Division 6—Directions by Minister 228 Directions by Minister Division 6A—AUSTRAC CEO may use computers to take administrative action 228A AUSTRAC CEO may use computers to take administrative action Division 7—AML/CTF Rules 229 AML/CTF Rules Part 17—Vicarious liability 230 Simplified outline 231 Criminal liability of corporations 232 Civil liability of corporations 233 Liability of persons other than corporations Part 17A—Review of decisions 233A Simplified outline 233B Reviewable decisions 233C Giving notice of reviewable decisions 233D Applications for reconsideration of decisions made by delegates of the AUSTRAC CEO 233E Reconsideration of reviewable decisions 233F Review by the Administrative Review Tribunal 233G Failure to comply does not affect validity Part 18—Miscellaneous 234 Simplified outline 235 Protection from liability 236 Defence of taking reasonable precautions, and exercising due diligence, to avoid a contravention 237 Treatment of partnerships 238 Treatment of unincorporated associations 239 Treatment of trusts with multiple trustees 240 Concurrent operation of State and Territory laws 241 Act not to limit other powers 242 Law relating to legal professional privilege not affected 243 Validity of transactions 244 Reports to the AUSTRAC CEO etc. 245 Arrangements with Governors of States etc. 246 This Act does not limit other information‑gathering powers 247 General exemptions 248 Exemptions and modifications by the AUSTRAC CEO 249 Specification by class 250 Schedule 1 (alternative constitutional basis) 251 Review of operation of Act 252 Regulations Schedule 1—Alternative constitutional basis 1 Alternative constitutional basis Endnotes Endnote 1—About the endnotes Endnote 2—Abbreviation key Endnote 3—Legislation history Endnote 4—Amendment history An Act to combat money laundering and the financing of terrorism, and for other purposes Part 1—Introduction 1 Short title This Act may be cited as the Anti‑Money Laundering and Counter‑Terrorism Financing 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 and 2 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. Sections 3 to 26 The day after this Act receives the Royal Assent. 13 December 2006 3. Part 2, Divisions 1 to 5 The first day after the end of the period of 12 months beginning on the day on which this Act receives the Royal Assent. 12 December 2007 4. Part 2, Division 6 The first day after the end of the period of 24 months beginning on the day on which this Act receives the Royal Assent. 12 December 2008 5. Part 2, Division 7 The first day after the end of the period of 12 months beginning on the day on which this Act receives the Royal Assent. 12 December 2007 6. Part 3, Divisions 1 to 4 The first day after the end of the period of 24 months beginning on the day on which this Act receives the Royal Assent. 12 December 2008 7. Part 3, Division 5 The first day after the end of the period of 6 months beginning on the day on which this Act receives the Royal Assent. 12 June 2007 8. Part 3, Division 6 The first day after the end of the period of 24 months beginning on the day on which this Act receives the Royal Assent. 12 December 2008 9. Parts 4, 5 and 6 The day after this Act receives the Royal Assent. 13 December 2006 10. Part 7 The first day after the end of the period of 12 months beginning on the day on which this Act receives the Royal Assent. 12 December 2007 11. Part 8 The first day after the end of the period of 6 months beginning on the day on which this Act receives the Royal Assent. 12 June 2007 12. Part 9 The day after this Act receives the Royal Assent. 13 December 2006 13. Part 10, Divisions 1 and 2 The day after this Act receives the Royal Assent. 13 December 2006 14. Part 10, Division 3 The first day after the end of the period of 12 months beginning on the day on which this Act receives the Royal Assent. 12 December 2007 15. Part 10, Division 4 The day after this Act receives the Royal Assent. 13 December 2006 16. Part 10, Division 5 The first day after the end of the period of 12 months beginning on the day on which this Act receives the Royal Assent. 12 December 2007 17. Part 10, Division 6 The first day after the end of the period of 6 months beginning on the day on which this Act receives the Royal Assent. 12 June 2007 18. Part 10, Division 7 The day after this Act receives the Royal Assent. 13 December 2006 19. Parts 11 to 18 The day after this Act receives the Royal Assent. 13 December 2006 20. Schedule 1 The day after this Act receives the Royal Assent. 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 Objects (1) The objects of this Act include: (aa) to provide for measures to detect, deter and disrupt money laundering, the financing of terrorism, and other serious financial crimes; and (ab) to provide relevant Australian government bodies and their international counterparts with the information they need to investigate and prosecute money laundering offences, offences constituted by the financing of terrorism, and other serious crimes; and (ac) to support cooperation and collaboration among reporting entities, AUSTRAC and other government agencies, particularly law enforcement agencies, to detect, deter and disrupt money laundering, the financing of terrorism, and other serious crimes; and (ad) to promote public confidence in the Australian financial system through the enactment and implementation of controls and powers to detect, deter and disrupt money laundering, the financing of terrorism, and other serious crimes; and (a) to fulfil Australia's international obligations, including: (i) Australia's international obligations to combat money laundering; and (ii) Australia's international obligations to combat financing of terrorism; and (b) to address matters of international concern, including: (i) the need to combat money laundering; and (ii) the need to combat financing of terrorism; and (c) by addressing those matters of international concern, to affect beneficially Australia's relations with: (i) foreign countries; and (ii) international organisations. Note 1: The objects of this Act are achieved by (among other things) requiring information to be given to the AUSTRAC CEO and by allowing certain other agencies to access information collected by the AUSTRAC CEO. Note 2: The objects mentioned in paragraphs (1)(a),(b) and (c) relate to the external affairs power. Schedule 1 (alternative constitutional basis) contains provisions designed to attract other legislative powers (including the taxation power). (2) Relevant international obligations include obligations under the following: (a) the United Nations Convention Against Corruption, done at New York on 31 October 2003 [2006] ATS 2; (b) the United Nations Convention Against Transnational Organized Crime, done at New York on 15 November 2000 [2004] ATS 12; (c) the Convention on Laundering, Search, Seizure and Confiscation of the Proceeds of Crime, done at Strasbourg on 8 November 1990 [1997] ATS 21; (d) United Nations Security Council Resolution 1267 S/RES/1267 (1999); (e) United Nations Security Council Resolution 1373 S/RES/1373 (2001); (f) United Nations Security Council Resolution 1617 S/RES/1617 (2005). (3) The following reflect international concern: (a) the FATF Recommendations; (b) the United Nations Convention Against Corruption, done at New York on 31 October 2003 [2006] ATS 2; (c) the United Nations Convention Against Transnational Organized Crime, done at New York on 15 November 2000 [2004] ATS 12; (d) the Convention on Laundering, Search, Seizure and Confiscation of the Proceeds of Crime, done at Strasbourg on 8 November 1990 [1997] ATS 21; (e) the International Convention for the Suppression of the Financing of Terrorism, done at New York on 9 December 1999 [2002] ATS 23; (f) United Nations General Assembly Resolution 51/210 A/RES/51/210 (1996); (g) United Nations Security Council Resolution 1267 S/RES/1267 (1999); (h) United Nations Security Council Resolution 1269 S/RES/1269 (1999); (i) United Nations Security Council Resolution 1373 S/RES/1373 (2001); (j) United Nations Security Council Resolution 1456 S/RES/1456 (2003); (k) United Nations Security Council Resolution 1617 S/RES/1617 (2005). Note 1: FATF Recommendations is defined in section 5. Note 2: In 2006, the text of international agreements in the Australian Treaty Series was accessible through the Australian Treaties Library on the AustLII website (www.austlii.edu.au). Note 3: In 2006, the text of United Nations Security Council resolutions and United Nations General Assembly resolutions was accessible through the United Nations website (www.un.org). 4 Simplified outline The following is a simplified outline of this Act: • A reporting entity is a financial institution, or other person, who provides designated services. (Designated services are listed in section 6.) • A reporting entity must carry out a procedure to verify a customer's identity before providing a designated service to the customer. However, in special cases, the procedure may be carried out after the provision of the designated service. • Certain pre‑commencement customers are subject to modified identification procedures. • Certain low‑risk services are subject to modified identification procedures. • Reporting entities must report the following to the Chief Executive Officer of AUSTRAC (the Australian Transaction Reports and Analysis Centre): (a) suspicious matters; (b) certain transactions above a threshold. • Certain international funds transfer instructions must be reported to the AUSTRAC CEO. • Cross‑border movements of monetary instruments must be reported to the AUSTRAC CEO, a customs officer or a police officer if the total amount moved is above a threshold. • Electronic funds transfer instructions must include certain information about the origin of the transferred money. • Providers of registrable designated remittance services or registrable remittance network services must be registered with the AUSTRAC CEO. • Providers of registrable digital currency exchange services must be registered with the AUSTRAC CEO. • Reporting entities must have and comply with anti‑money laundering and counter‑terrorism financing programs. • Financial institutions are subject to restrictions in connection with entering into correspondent banking relationships. 5 Definitions In this Act: account includes: (a) a credit card account; and (b) a loan account (other than a credit card account); and (c) an account of money held in the form of units in: (i) a cash management trust; or (ii) a trust of a kind prescribed by the AML/CTF Rules. To avoid doubt, it is immaterial whether: (d) an account has a nil balance; or (e) any transactions have been allowed in relation to an account. account provider: if an account is with a person, the person is the account provider for the account. acquiring: in determining whether something is a designated service, acquiring includes anything that, under the regulations, is taken to be acquiring for the purposes of this definition. ADI (short for authorised deposit‑taking institution) means: (a) a body corporate that is an ADI for the purposes of the Banking Act 1959; or (b) the Reserve Bank of Australia; or (c) a person who carries on State banking within the meaning of paragraph 51(xiii) of the Constitution. administrative action: see subsection 228A(9). AFP member (short for Australian Federal Police member) means a member or special member of the Australian Federal Police. agency: (a) a Department of the Commonwealth is taken to be an agency of the Commonwealth for the purposes of this Act; (b) a Department of a State is taken to be an agency of the State for the purposes of this Act; (c) a Department of a Territory is taken to be an agency of the Territory for the purposes of this Act. AGO means that part of the Defence Department known as the Australian Geospatial‑Intelligence Organisation, and includes any part of the Defence Force that performs functions on behalf of that part of the Department. allowing a transaction: in determining whether a person has allowed a transaction, it is immaterial whether the person was obliged to allow the transaction. AML/CTF Rules (short for Anti‑Money Laundering/Counter‑Terrorism Financing Rules) means the rules made under section 229. anti‑money laundering and counter‑terrorism financing program has the meaning given by section 83. applicable customer identification procedure: for the purposes of the application of this Act to customers of a reporting entity, applicable customer identification procedure has the meaning ascertained in accordance with: (a) if all of the designated services provided by the reporting entity are covered by item 54 of table 1 in section 6, and there is no joint anti‑money laundering and counter‑terrorism financing program that applies to, and has been adopted by, the reporting entity: (i) a special anti‑money laundering and counter‑terrorism financing program that applies to, and has been adopted by, the reporting entity; or (ii) if the program has been varied on one or more occasions—the program as varied; or (b) in any other case: (i) Part B of an anti‑money laundering and counter‑terrorism financing program that applies to, and has been adopted by, the reporting entity; or (ii) if the program has been varied on one or more occasions—Part B of the program as varied. Note: Item 54 of table 1 in section 6 covers a holder of an Australian financial services licence who arranges for a person to receive a designated service. approved means approved by the AUSTRAC CEO, in writing, for the purposes of the provision in which the term occurs. Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901. approved deposit fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993. approved third‑party bill payment system means a bill payment system prescribed by the AML/CTF Rules. arrangement includes: (a) any agreement, arrangement, understanding, promise or undertaking, whether express or implied, and whether or not enforceable, or intended to be enforceable, by legal proceedings; and (b) any scheme, plan, proposal, action, course of action or course of conduct, whether unilateral or otherwise. ASD means the Australian Signals Directorate. ASIO means the Australian Security Intelligence Organisation. ASIS means the Australian Secret Intelligence Service. assessment, in relation to an individual, means an assessment prepared or provided by a credit reporting body under paragraph 35B(1)(a) in relation to the individual. Attorney‑General's Department means the Department administered by the Attorney‑General. AUSTRAC means the Australian Transaction Reports and Analysis Centre continued in existence by section 209. AUSTRAC CEO means the Chief Executive Officer of AUSTRAC. AUSTRAC entrusted person means: (a) the AUSTRAC CEO; or (b) a member of the staff of AUSTRAC; or (c) a person engaged as a consultant under subsection 225(1); or (d) a person whose services are made available to the AUSTRAC CEO under subsection 225(3); or (e) a member of a task force established by the AUSTRAC CEO under paragraph 212(1)(db); or (f) the Director of AUSTRAC; or (g) a person engaged as a consultant under section 40A of the repealed Financial Transaction Reports Act 1988. Note: The former office of Director of AUSTRAC was established under the repealed Financial Transaction Reports Act 1988. AUSTRAC information means the following: (a) information obtained by, or generated by, an AUSTRAC entrusted person under or for the purposes of this Act; (b) information obtained by an AUSTRAC entrusted person under or for the purposes of any other law of the Commonwealth or a law of a State or a Territory; (c) information obtained by an AUSTRAC entrusted person from a government body; (d) FTR information (within the meaning of the Financial Transaction Reports Act 1988, as in force immediately before its repeal). Australia, when used in a geographical sense, includes the external Territories. Australian account means an account held in Australia. Australian carbon credit unit has the same meaning as in the Carbon Credits (Carbon Farming Initiative) Act 2011. Australian financial services licence has the same meaning as in the Corporations Act 2001. Australian government body means: (a) the Commonwealth, a State or a Territory; or (b) an agency or authority of: (i) the Commonwealth; or (ii) a State; or (iii) a Territory. authorised officer means: (a) the AUSTRAC CEO; or (b) a person for whom an appointment as an authorised officer is in force under section 145. batched electronic funds transfer instruction means an electronic funds transfer instruction accepted by an ADI or a bank from a particular payer, where: (a) the transfer instruction is one of a particular batch of electronic funds transfer instructions accepted by the ADI or bank from the payer; and (b) the batch is, or is to be, passed on or dispatched in a single file that includes the complete payer information in respect of each of the electronic funds transfer instructions in the batch. bearer negotiable instrument has the meaning given by section 17. beneficiary institution, in relation to an electronic funds transfer instruction: (a) in the case of a multiple‑institution person‑to‑person electronic funds transfer instruction—has the meaning given by subsection 8(1); or (b) in the case of a same‑institution person‑to‑person electronic funds transfer instruction—has the meaning given by subsection 8(2); or (c) in the case of a multiple‑institution same‑person electronic funds transfer instruction—has the meaning given by subsection 9(1); or (d) in the case of a same‑institution same‑person electronic funds transfer instruction—has the meaning given by subsection 9(2). bet includes wager. betting instrument means a thing (whether real or virtual): (a) that represents monetary value or digital currency value; and (b) that is designed to be used for the purpose of, or for purposes which include: (i) placing or making a bet; or (ii) paying out winnings in respect of a bet; but does not include: (c) a gaming chip or token; or (d) a thing that, under the AML/CTF Rules, is taken not to be a betting instrument. bill of exchange has the same meaning as in paragraph 51(xvi) of the Constitution, but does not include a cheque unless the cheque is a cheque that an ADI, bank or other institution draws on itself. borrow has a meaning corresponding to loan. building society includes a society registered or incorporated as a co‑operative housing society or similar society under: (a) a law of a State or Territory; or (b) a law of a foreign country or a part of a foreign country. bullion includes anything that, under the regulations, is taken to be bullion for the purposes of this Act. business includes a venture or concern in trade or commerce, whether or not conducted on a regular, repetitive or continuous basis. business day means a day other than a Saturday, a Sunday or a public or bank holiday in the place concerned. civil penalty order means an order under section 175. civil penalty provision means a provision declared by this Act to be a civil penalty provision. commence to provide a designated service means: (a) if the designated service is provided at an instant of time—provide the service; or (b) if the designated service is provided over a period of time—begin to provide the service. commercial goods carrier means a person who, in the normal course of a business, carries goods or mail for reward. commercial passenger carrier means a person who, in the normal course of a business, carries passengers for reward. Commonwealth place means: (a) a Commonwealth place within the meaning of the Commonwealth Places (Application of Laws) Act 1970; or (b) a place in a Territory, where the place is owned by the Commonwealth. Commonwealth Royal Commission means a Royal Commission within the meaning of the Royal Commissions Act 1902. Commonwealth, State or Territory agency means any of the following: (a) an agency, authority, body or organisation of the Commonwealth, a State or a Territory that has functions in relation to, or that is responsible for or deals with, law enforcement or investigation of corruption; (b) an agency, authority, body or organisation of the Commonwealth, a State or a Territory that has functions in relation to, or that is responsible for or deals with, criminal intelligence, security intelligence, foreign intelligence or financial intelligence; (c) an agency, authority, body or organisation of the Commonwealth, a State or a Territory that has functions in relation to the protection of the public revenue of the Commonwealth, a State or a Territory; (d) an agency, authority, body or organisation of the Commonwealth, a State or a Territory that has regulatory functions; (e) an agency, authority, body or organisation of the Commonwealth, a State or a Territory that has oversight functions under a law of the Commonwealth, a State or a Territory; (f) a Department of the Commonwealth; (g) a Commonwealth Royal Commission whose terms of reference include inquiry into whether unlawful conduct (however described) has, or might have, occurred; (h) a State/Territory Royal Commission: (i) whose terms of reference include inquiry into whether unlawful conduct (however described) has, or might have, occurred; and (ii) that is specified in the AML/CTF Rules; (i) any other agency, authority, body or organisation of the Commonwealth, a State or a Territory, being an agency, authority, body or organisation prescribed by the AML/CTF Rules; (j) a task force that: (i) is established by a Minister of the Commonwealth or of a State or Territory or established under a law of the Commonwealth, a State or a Territory; and (ii) has functions of a kind described in paragraph (a), (b), (c) or (d); (k) a person who holds an office or appointment under a law of the Commonwealth, a State or a Territory, being an office or appointment prescribed by the AML/CTF Rules. company has the same meaning as in the Income Tax Assessment Act 1997. Note: Under the Income Tax Assessment Act 1997, company includes an unincorporated association or body of persons. complete payer information has the meaning given by section 71. compliance record of a reporting entity means: (a) a record that relates to the obligations under this Act, the regulations or the AML/CTF Rules of the reporting entity; or (b) a record, copy or extract retained under Part 10 by the reporting entity. Comptroller‑General of Customs means the person who is the Comptroller‑General of Customs in accordance with subsection 11(3) or 14(2) of the Australian Border Force Act 2015. constitutional corporation means a corporation to which paragraph 51(xx) of the Constitution applies. contribution, in relation to an RSA, has the same meaning as in the Retirement Savings Accounts Act 1997. controller of an eligible gaming machine venue has the meaning given by section 13. control test: passing the control test has the meaning given by section 11. corporate group has the meaning given by subsection 123(12). correspondent banking relationship means a relationship that involves the provision by a financial institution (the first financial institution) of banking services to another financial institution, where: (a) the first financial institution carries on an activity or business at or through a permanent establishment of the financial institution in a particular country; and (b) the other financial institution carries on an activity or business at or through a permanent establishment of the other financial institution in another country; and (c) the correspondent banking relationship relates, in whole or in part, to those permanent establishments; and (d) the relationship is not of a kind specified in the AML/CTF Rules; and (e) the banking services are not of a kind specified in the AML/CTF Rules. For this purpose, banking service includes anything that, under the AML/CTF Rules, is taken to be a banking service for the purposes of this definition. Note: For geographical links, see section 100. country means Australia or a foreign country. credit card is a thing (whether real or virtual) that is one or more of the following: (a) a thing of a kind commonly known as a credit card; (b) a similar thing intended for use by a person in obtaining access to an account that is held by the person for the purpose of obtaining money, goods or services on credit; (c) a thing of a kind that persons carrying on business commonly issue to their customers, or prospective customers, for use in obtaining goods or services from those persons on credit; (d) a thing that may be used as a thing referred to in paragraph (a), (b) or (c). credit reporting body has the same meaning as in the Privacy Act 1988. custodial or depository service: see the definition of providing a custodial or depository service. customer has the meaning given by section 6, and includes a prospective customer. customs officer means an officer of Customs within the meaning of the Customs Act 1901. damage, in relation to data, includes damage by erasure of data or addition of other data. data includes: (a) information in any form; or (b) any program (or part of a program). data storage device means a thing containing, or designed to contain, data for use by a computer. debit card means: (a) a thing (whether real or virtual) that is intended for use by a person in obtaining access to an account that is held by the person for the purpose of withdrawing or depositing physical currency or obtaining goods or services; or (b) a thing (whether real or virtual) that may be used as a thing referred to in paragraph (a). debit card account: if a debit card enables the holder of an account to debit the account, the account is a debit card account. Defence Department means the Department administered by the Defence Minister. Defence Minister means the Minister responsible for administering the Defence Act 1903. Department of Foreign Affairs and Trade means the Department administered by the Foreign Affairs Minister. derivative: see subsections 7A(3) and (4). designated business group means a group of 2 or more persons, where: (a) each member of the group has elected, in writing, to be a member of the group, and the election is in force; and (b) each election was made in accordance with the AML/CTF Rules; and (c) no member of the group is a member of another designated business group; and (d) each member of the group satisfies such conditions (if any) as are specified in the AML/CTF Rules; and (e) the group is not of a kind that, under the AML/CTF Rules, is ineligible to be a designated business group. designated infringement notice provision has the meaning given by subsection 184(4). designated remittance arrangement has the meaning given by section 10. designated service has the meaning given by section 6. digital currency means: (a) a digital representation of value that: (i) functions as a medium of exchange, a store of economic value, or a unit of account; and (ii) is not issued by or under the authority of a government body; and (iii) is interchangeable with money (including through the crediting of an account) and may be used as consideration for the supply of goods or services; and (iv) is generally available to members of the public without any restriction on its use as consideration; or (b) a means of exchange or digital process or crediting declared to be digital currency by the AML/CTF Rules; but does not include any right or thing that, under the AML/CTF Rules, is taken not to be digital currency for the purposes of this Act. Digital Currency Exchange Register has the meaning given by section 76B. DIO means that part of the Defence Department known as the Defence Intelligence Organisation, and includes any part of the Defence Force that performs functions on behalf of that part of the Department. director of a company includes a member of a body corporate incorporated for a public purpose by a law of the Commonwealth, a State or a Territory. Director‑General of National Intelligence means the Director‑General of National Intelligence holding office under the Office of National Intelligence Act 2018. disclose means divulge or communicate. disposing of: in determining whether something is a designated service, disposing of includes anything that, under the regulations, is taken to be disposing of for the purposes of this definition. electronic communication has the same meaning as in the Criminal Code. electronic funds transfer instruction means: (a) a multiple‑institution person‑to‑person electronic funds transfer instruction; or (b) a same‑institution person‑to‑person electronic funds transfer instruction; or (c) a multiple‑institution same‑person electronic funds transfer instruction; or (d) a same‑institution same‑person electronic funds transfer instruction. eligible gaming machine venue has the meaning given by section 13. eligible international emissions unit has the same meaning as in the Australian National Registry of Emissions Units Act 2011. eligible place means: (b) a warehouse in respect of which a warehouse licence (within the meaning of Part V of the Customs Act 1901) is in force; or (c) a port, airport, wharf or boarding station appointed under section 15 of the Customs Act 1901. embarkation area means a section 234AA place within the meaning of the Customs Act 1901. engage in conduct means: (a) do an act; or (b) omit to perform an act. enrolment details, in relation to a person, means such information relating to the person as is specified in the AML/CTF Rules. entrusted investigating official means: (a) the Commissioner of the Australian Federal Police; or (b) the Chief Executive Officer of the Australian Crime Commission; or (c) the Commissioner of Taxation; or (d) the Comptroller‑General of Customs; or (e) the National Anti‑Corruption Commissioner; or (f) an investigating officer. evidential burden, in relation to a matter, means the burden of adducing or pointing to evidence that suggests a reasonable possibility that the matter exists or does not exist. examinee, in relation to an examination under Division 3 of Part 14, means the person who appears for examination. examiner, in relation to an examination under Division 3 of Part 14, means the AUSTRAC CEO and includes: (a) a delegate of the AUSTRAC CEO; and (b) a consultant engaged under subsection 225(1) to perform services as an examiner. examiner of the Australian Crime Commission means an examiner within the meaning of the Australian Crime Commission Act 2002. exempt financial market operator issue of a security or derivative means the making available of the security or derivative, by the operator of a financial market (within the meaning of Chapter 7 of the Corporations Act 2001), in the course of operating the financial market. exempt legal practitioner service means a service that, under the AML/CTF Rules, is taken to be an exempt legal practitioner service for the purposes of this Act. external auditor means a person authorised under section 164 to be an external auditor for the purposes of this Act. factoring includes anything that, under the regulations, is taken to be factoring for the purposes of this Act. false customer name means a name other than a name by which the customer is commonly known. FATF Recommendations (short for Financial Action Task Force Recommendations) means: (a) all of the following Recommendations: (i) the Forty Recommendations adopted by the Financial Action Task Force on Money Laundering (FATF) at its plenary meeting on 20 June 2003; (ii) the Special Recommendations on Terrorist Financing adopted by the Financial Action Task Force on Money Laundering (FATF) at its special plenary meeting on 31 October 2001; (iii) Special Recommendation IX on Terrorist Financing adopted by the Financial Action Task Force on Money Laundering (FATF) at its plenary meeting on 20‑22 October 2004; or (b) if any or all of those Recommendations are amended—the Recommendations as so amended. Note: In 2006, the text of the FATF Recommendations was available on the FATF website (www.fatf‑gafi.org). Federal Court means the Federal Court of Australia. financial institution means: (a) an ADI; or (b) a bank; or (c) a building society; or (d) a credit union; or (e) a person specified in the AML/CTF Rules. The AML/CTF Rules made under paragraph (e) may specify different persons to be financial institutions for the purposes of different provisions of this Act. financing of terrorism means conduct that amounts to: (a) an offence against section 102.6 or Division 103 of the Criminal Code; or (b) an offence against section 20 or 21 of the Charter of the United Nations Act 1945; or (c) an offence against a law of a State or Territory that corresponds to an offence referred to in paragraph (a) or (b); or (d) an offence against a law of a foreign country or a part of a foreign country that corresponds to an offence referred to in paragraph (a) or (b). Foreign Affairs Minister means the Minister responsible for administering the Diplomatic Privileges and Immunities Act 1967. foreign agency means: (a) a government body that has responsibility for: (i) intelligence gathering for a foreign country; or (ii) the security of a foreign country; or (b) a government body that has responsibility for law enforcement or investigation of corruption in a foreign country or a part of a foreign country; or (c) a government body that has responsibility for the protection of the public revenue of a foreign country; or (d) a government body that has regulatory functions in a foreign country; or (e) the European Police Office (Europol); or (f) the International Criminal Police Organization (Interpol); or (g) an international body prescribed by the regulations for the purposes of this paragraph. foreign country includes a region where: (a) the region is a colony, territory or protectorate of a foreign country; or (b) the region is part of a foreign country; or (c) the region is under the protection of a foreign country; or (d) a foreign country exercises jurisdiction or control over the region; or (e) a foreign country is responsible for the region's international relations. foreign exchange contract means a contract: (a) to buy or sell currency (whether Australian or not); or (b) to exchange one currency (whether Australian or not) for another (whether Australian or not). funds transfer chain has the meaning given by subsection 64(2). game includes an electronic game, but does not include a lottery. gaming chip or token means a chip or token for playing a game, where: (a) the game is played for money or anything else of value; and (b) the game is a game of chance or of mixed chance and skill. gaming machine means a machine for playing a game, where: (a) the game is played for money or anything else of value; and (b) the game is a game of chance or of mixed chance and skill. government body means: (a) the government of a country; or (b) an agency or authority of the government of a country; or (c) the government of part of a country; or (d) an agency or authority of the government of part of a country. guarantee includes anything that, under the regulations, is taken to be a guarantee for the purposes of this Act. incorporated includes formed. This definition does not apply to the expression unincorporated. information obtained includes information obtained as a result of the production of a document. infringement notice means an infringement notice under section 184. infringement notice provision has the meaning given by subsection 184(1A). international funds transfer instruction has the meaning given by section 46. investigating officer means: (a) a taxation officer; or (b) an AFP member; or (c) a customs officer (other than the Comptroller‑General of Customs); or (d) an examiner of the Australian Crime Commission; or (e) a member of the staff of the Australian Crime Commission; or (f) a National Anti‑Corruption Commission officer. involves includes relates to. issue, when used in relation to a security or derivative, has the same meaning as in Chapter 7 of the Corporations Act 2001. The time when a derivative is issued is to be worked out under subsection 761E(3) of the Corporations Act 2001. joint anti‑money laundering and counter‑terrorism financing program has the meaning given by subsection 85(1). lease, when used in relation to goods, includes hire. life policy means a life policy (within the meaning of the Life Insurance Act 1995), but does not include: (a) a policy for which there is no prescribed minimum surrender value (other than that which may be provided for in the policy documentation and promotional material); or (b) a regular premium policy to which paragraph (a) does not apply, where the amount, or the total of the amounts, payable by way of premium each year is not more than: (i) $1,500; or (ii) if a greater amount is specified in the AML/CTF Rules—that greater amount; or (c) a single premium policy to which paragraph (a) does not apply, where the amount of the single premium is not more than: (i) $3,000; or (ii) if a greater amount is specified in the AML/CTF Rules—that greater amount; or (d) a contract of consumer credit insurance (within the meaning of the Insurance Contracts Act 1984). For the purposes of this definition, the question of whether a policy has a prescribed minimum surrender value is to be determined in accordance with prudential standards made under section 230A of the Life Insurance Act 1995 as in force from time to time. loan includes: (a) an advance of money; and (b) the provision of credit or any other form of financial accommodation; and (c) the payment of an amount for, on account of, on behalf of or at the request of a person where there is an obligation (whether expressed or implied) to repay the amount; and (d) a transaction (whatever its terms or form) which in substance effects a loan of money; but does not include: (e) if goods are sold on credit—the provision by the seller of that credit; or (f) if services are provided on credit—the provision by the provider of the service of that credit; or (g) anything that, under the AML/CTF Rules, is taken not to be a loan for the purposes of this Act. make available, when used in relation to money, includes reducing the balance of a loan account. managed investment scheme has the same meaning as in the Corporations Act 2001. Note: A notified foreign passport fund is a managed investment scheme for the purposes of that Act, see section 1213E of that Act. member of the staff of the Australian Crime Commission has the same meaning as in the Australian Crime Commission Act 2002. modifications includes additions, omissions and substitutions. monetary instrument means any of the following: (a) physical currency; (b) a bearer negotiable instrument; (c) a thing prescribed by the AML/CTF Rules. monetary instrument amount for a monetary instrument means: (a) for physical currency—the amount of the currency; or (b) for a bearer negotiable instrument—the amount payable under the instrument; or (c) for a thing prescribed by the AML/CTF Rules for the purposes of paragraph (c) of the definition of monetary instrument in this section—the amount worked out in accordance with the AML/CTF Rules. money includes: (a) physical currency; and (b) money held in an account, whether denominated in Australian currency or any other currency; and (c) money held on deposit, whether denominated in Australian currency or any other currency; and (d) a digital representation of value: (i) that is issued by or under the authority of a government body; and (ii) that is intended to function as money. Example: Central bank digital currency. money laundering means conduct that amounts to: (a) an offence against Division 400 of the Criminal Code; or (b) an offence against a law of a State or Territory that corresponds to an offence referred to in paragraph (a); or (c) an offence against a law of a foreign country or of a part of a foreign country that corresponds to an offence referred to in paragraph (a). money laundering and terrorism financing risk assessment has the meaning given by subsection 165(6). monitoring powers has the meaning given by section 148. monitoring warrant means a warrant issued under section 159. move: (a) move a monetary instrument into Australia has the meaning given by section 55; and (b) move a monetary instrument out of Australia has the meaning given by section 56. multiple‑institution person‑to‑person electronic funds transfer instruction has the meaning given by subsection 8(1). multiple‑institution same‑person electronic funds transfer instruction has the meaning given by subsection 9(1). National Anti‑Corruption Commissioner means the Commissioner within the meaning of the National Anti‑Corruption Commission Act 2022. National Anti‑Corruption Commission officer means a staff member of the NACC within the meaning of the National Anti‑Corruption Commission Act 2022. non‑financi