CASH TRANSACTION REPORTS REGULATIONS (AMENDMENT) 1992 NO. 320 CASH TRANSACTION REPORTS REGULATIONS (AMENDMENT) 1992 NO. 320 - TABLE OF PROVISIONS 1. Commencement 2. Amendment 3. Regulation 1 (Citation) 4. Regulation 2 (Interpretation) 5. New regulation 11AA 1992 No. 320 CASH TRANSACTION REPORTS REGULATIONS (AMENDMENT) - REG 1 1. Commencement 1.1 Regulations 3 and 4 commence on the date of commencement of section 5 of the Cash Transaction Reports Amendment Act 1991. 1.2 Regulation 5 commences on the date of commencement of section 14 of the Cash Transaction Reports Amendment Act 1991. (NOTE: The remainder of these Regulations commence on gazettal: see Acts Interpretation Act 1901, s.48.) 1992 No. 320 CASH TRANSACTION REPORTS REGULATIONS (AMENDMENT) - REG 2 2. Amendment 2.1 The Cash Transaction Reports Regulations are amended as set out in these Regulations. 1992 No. 320 CASH TRANSACTION REPORTS REGULATIONS (AMENDMENT) - REG 3 3. Regulation 1 (Citation) 3.1 Omit "Cash", substitute "Financial". 1992 No. 320 CASH TRANSACTION REPORTS REGULATIONS (AMENDMENT) - REG 4 4. Regulation 2 (Interpretation) 4.1 Subregulation 2 (1) (definition of "the Act"): Omit "Cash", substitute "Financial". 4.2 Subregulation 2 (1): Insert the following definitions: "'beneficiary customer', in relation to an instruction, means the person or organisation (including a financial organisation) designated by the ordering customer or ordering organisation as the ultimate recipient of the funds; 'beneficiary organisation', in relation to an instruction, means the financial organisation designated by the ordering organisation as the ultimate recipient of the funds; 'customer transfer instruction' means an instruction to transfer funds from an ordering customer to a beneficiary customer, in relation to which at least 1 of those customers is not a financial organisation; 'disbursing organisation' means: (a) in relation to a customer transfer instruction-the financial organisation at which a beneficiary customer is to be paid; and (b) in relation to a financial organisation transfer instruction-the financial organisation, other than the recipient, that is instructed to pay or credit the beneficiary organisation; 'financial organisation' means an organisation that transmits, receives, handles or executes instructions; 'financial organisation transfer instruction 'means an instruction relating to the transfer of funds between an ordering organisation acting on its own behalf and a beneficiary organisation; 'instruction' means an international funds transfer instruction; 'location', in relation to an ordering customer or a beneficiary customer, means: (a) the customer's full business or residential address ; or (b) if the full address cannot be obtained and provided after reasonable efforts-any of the following: (i) the town or suburb at which the business is conducted or the residence is located; (ii) the postcode of that town or suburb; (iii) the telephone number of the customer's business or residence; 'ordering customer' means a person or organisation (including a financial organisation) on whose behalf an instruction is sent; 'ordering organisation', in relation to an instruction, means the financial organisation: (a) that the ordering customer originally asked to send the instruction; or (b) that initiated the sending of the instruction on its own behalf; 'recipient' means the financial organisation to which an instruction is sent; 'sender' means the financial organisation that sends an instruction.". 1992 No. 320 CASH TRANSACTION REPORTS REGULATIONS (AMENDMENT) - REG 5 5. New regulation 11AA 5.1 After regulation 11, insert: Prescribed details in relation to an international funds transfer instruction "11AA. (1) For the purposes of subsection 17B (2) of the Act, the prescribed details for a report of an instruction that is transmitted out of Australia are: (a) the sender's name; and (b) the recipient's name; and (c) the date on which transmission of the instruction commenced; and (d) the currency and the amount of funds referred to in the instruction; and (e) the name or identity of the branch or department of the financial organisation to which the ordering customer gave the request to transmit the instruction; and (f) for a financial organisation transfer instruction: (i) the identity and account number (if any) of the beneficiary organisation; and (ii) if the ordering organisation is not the sender-the identity of the ordering organisation; and (g) for a customer transfer instruction-the ordering customer's name and location; and (h) for a customer transfer instruction-such of the following as appear in the instruction: (i) the number of the ordering customer's account with the ordering organisation; (ii) the beneficiary customer's name and location; (iii) the number of the beneficiary customer's account with the disbursing organisation; and (j) such of the following as appear in the instruction: (i) the identification code assigned to the instruction by the sender; (ii) the date on which the funds referred to in the instruction become available for the recipient to disburse; (iii) the identity of the ordering organisation; (iv) the account of the sender or another financial organisation through which the sender will reimburse the recipient; (v) the branch of the recipient or another financial organisation at which the funds will be made available to the recipient; (vi) the identity of the disbursing organisation; (vii) information given in the instruction by the ordering customer to the beneficiary customer about the reason for payment; (viii) information or directions provided by the sender, in the instruction, to a financial organisation, or a branch or department of a financial organisation; (ix) the name or identity of the branch or department of a financial organisation; and (k) if the dealer provides a copy of an instruction as the dealer's report-such other details as appear in the instruction as transmitted. "(2) For the purposes of subsection 17B (2) of the Act, the prescribed details for a report of an instruction that is transmitted into Australia are: (a) the sender's name; and (b) the recipient's name; and (c) the date on which the recipient receives the instruction; and (d) the currency and the amount of funds referred to in the instruction; and (e) for a financial organisation transfer instruction: (i) the identity and account number (if any) of the beneficiary organisation; and (ii) if the ordering organisation is not the sender-the identity of the ordering organisation; and (f) for a customer transfer instruction-such of the following as appear in the instruction: (i) the ordering customer's name; and (ii) the ordering customer's location; and (iii) the number of the ordering customer's account with the ordering organisation; and (iv) the beneficiary customer's name; and (v) the beneficiary customer's location; and (vi) the number of the beneficiary customer's account with the disbursing organisation; and (g) such of the following as appear in the instruction: (i) the identification code assigned to the instruction by the sender; and (ii) the date on which the funds referred to in the instruction become available for the recipient to disburse; and (iii) the identity of the ordering organisation; and (iv) the account of the sender or another financial organisation through which the sender will reimburse the recipient; and (v) the branch of the recipient or another financial organisation at which the funds will be made available to the recipient; and (vi) the identity of the disbursing organisation; and (vii) information given in the instruction by the ordering customer to the beneficiary customer about the reason for payment; and (viii) information or directions provided by the sender, in the instruction, to a financial organisation, or a branch or department of a financial organisation; and (ix) the name or identity of a branch or department of a financial organisation; and (h) if the dealer provides a copy of an instruction as the dealer's report-such other details as appear in the instruction as transmitted.". - NOTES 1992 No. 320*1* CASH TRANSACTION REPORTS REGULATIONS*2* (AMENDMENT) *1* Notified in the Commonwealth of Australia Gazette on 16 October 1992. *2* Statutory Rules 1990 No. 36 as amended by 1990 Nos. 162, 340 and 341; 1991 Nos. 7, 89 and 166; 1992 No. 90.