Commonwealth Consolidated Acts Commonwealth Consolidated ActsScope
(1) This section applies to a reporting entity if:
(a) under section 49, the AUSTRAC CEO or the Commissioner of Taxation has required the reporting entity to give information about the identity of:
(i) the holder of, or a signatory to, a particular credit card account; or
(ii) the holder of, or a signatory to, a particular debit card account; and
(b) the account relates to a credit card, or a debit card, that was issued by a person (the card issuer ) outside Australia; and
(c) the reporting entity does not have that information.
Direction to reporting entity
(2) The AUSTRAC CEO or the Commissioner of Taxation may, by written notice given to the reporting entity, direct the reporting entity to give the card issuer a request, in a form specified in the notice, to give the information to the reporting entity.
(3) The reporting entity must comply with the direction within 10 business days after the day on which the direction is given.
Report by reporting entity
(4) If the reporting entity gives the card issuer a request under subsection (2) that was directed by the AUSTRAC CEO, the reporting entity must, within:
(a) 20 business days after the day on which the subsection (2) direction was given; or
(b) if the AUSTRAC CEO, by written notice given to the reporting entity, allows a longer period--that longer period;
give the AUSTRAC CEO a report about the card issuer's response, or lack of response, to the request.
(5) If the reporting entity gives the card issuer a request under subsection (2) that was directed by the Commissioner of Taxation, the reporting entity must, within:
(a) 20 business days after the day on which the subsection (2) direction was given; or
(b) if the Commissioner of Taxation, by written notice given to the reporting entity, allows a longer period--that longer period;
give the Commissioner of Taxation a report about the card issuer's response, or lack of response, to the request.
(6) A report under subsection (4) or (5) must:
(a) be in the approved form; and
(b) in a case where the card issuer has given the information to the reporting entity--contain the information; and
(c) contain such other information (if any) relating to the matter as is required by the approved form.
Note: For additional rules about reports given to the AUSTRAC CEO, see section 244.
Civil penalty
(7) Subsections (3), (4) and (5) are civil penalty provisions.