2004-2005-2006

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

Financial Transaction Reports Amendment Bill 2006

 

 

(Government)

(1)     Schedule 1, page 3 (after line 25), after item 4, insert:

4A  After subsection 17FA(1)

Insert:

          (1A)  For the purposes of paragraph (1)(b), if:

                     (a)  an ADI (the first ADI ) is acting on behalf of, or at the request of, another ADI (the second ADI ); and

                     (b)  the second ADI is (whether or not as a result of one or more previous applications of this section) acting on behalf of, or at the request of, a person who is not an ADI;

then:

                     (c)  the first ADI is taken to be acting on behalf of that person; and

                     (d)  for the purposes of providing customer information in relation to that person, the first ADI is entitled to rely on the information provided by the second ADI.

[ADI acting on behalf of another ADI]

(2)     Schedule 1, items 9 and 10, page 4 (lines 5 to 15), omit the items, substitute:

9  Subsection 17FA(3) (definition of customer information )

Repeal the definition, substitute:

customer information , in relation to an international funds transfer instruction transmitted out of Australia, means the following information about the ordering customer on whose behalf, or at whose request, an ADI sends the instruction:

                     (a)  the ordering customer’s name;

                     (b)  any one of the following:

                              (i)  the ordering customer’s full business or residential address (not being a post office box);

                             (ii)  if the ordering customer is an individual—the ordering customer’s date of birth and the country and the town, city or locality of the ordering customer’s birth;

                            (iii)  a unique identification number given to the ordering customer by the Commonwealth or an authority of the Commonwealth (for example, an Australian Business Number or an Australian Company Number);

                            (iv)  a unique identification number given to the ordering customer by a foreign government;

                             (v)  a unique identification number given to the ordering customer by the ADI that the ordering customer originally asked to send the instruction;

                     (c)  either:

                              (i)  if the money is, or is to be, transferred from a single account held by the ordering customer with the ADI that the ordering customer originally asked to send the instruction—the account number; or

                             (ii)  in any other case—a unique reference number assigned to the instruction by the ADI that the ordering customer originally asked to send the instruction.

[customer information]

10  Subsection 17FA(3)

Insert:

unique reference number , for an international funds transfer instruction, means a combination of any or all of the following:

                     (a)  letters;

                     (b)  digits;

                     (c)  characters;

                     (d)  symbols;

which distinguishes the instruction in a way that, either:

                     (e)  alone; or

                      (f)  in conjunction with any other information in the instruction;

enables the ADI that the ordering customer originally asked to send the instruction to identify the ordering customer.

Examples:

(a)           a combination of a BSB and account number;

(b)           a reference number generated by the ADI that the ordering customer originally asked to send the instruction.

[customer information]

(3)     Schedule 1, page 5 (after line 1), after item 16, insert:

16A  Subsection 17FB(6) (subparagraph (b)(ii) of the definition of customer information )

Omit “date and place of birth”, substitute “date of birth and the country and the town, city or locality of the ordering customer’s birth”.

[customer information]

(4)     Schedule 1, item 17, page 5 (lines 2 to 5), omit the item, substitute:

17  Subsection 17FB(6) (subparagraph (c)(ii) of the definition of customer information )

Repeal the subparagraph, substitute:

                             (ii)  a unique reference number assigned to the instruction by the ordering organisation.

[customer information]

(5)     Schedule 1, page 5 (after line 5), at the end of the Schedule, add:

18  Subsection 17FB(6)

Insert:

unique reference number , for an international funds transfer instruction, means a combination of any or all of the following:

                     (a)  letters;

                     (b)  digits;

                     (c)  characters;

                     (d)  symbols;

which distinguishes the instruction in a way that, either:

                     (e)  alone; or

                      (f)  in conjunction with any other information in the instruction;

enables the ordering organisation to identify the ordering customer.

Examples:

(a)           a combination of a BSB and account number;

(b)           a reference number generated by the ordering organisation.

19  At the end of Division 3A

Add:

17FC   Transmission into or out of Australia—intermediaries

                   This Division does not require the provision of customer information in relation to an international funds transfer instruction if:

                     (a)  the instruction is transmitted by an ADI into or out of Australia; and

                     (b)  the transmission into or out of Australia occurs in the course of, and for the purpose of, the transmission of the instruction by or on behalf of another financial organisation from a place outside Australia to another place that is also outside Australia.

20  Paragraph 29(4)(ba)

Omit “a cash dealer”, substitute “an ADI”.

21  Section 42A

After “3A”, insert “, 3AA”.

[customer information; transmission through Australian intermediary; customer information; amendment of Schedules by regulations]