Commonwealth Consolidated Acts

FINANCIAL TRANSACTION REPORTS ACT 1988 - SECT 27C

  (1)   This section applies if an authorised officer is given access to business premises of a cash dealer in compliance with a notice under section   27E.

  (2)   For the purpose of monitoring a cash dealer's compliance with sections   7, 16 and 17B, the officer may inspect:

  (a)   any records kept at, or accessible from, the premises that relate to the dealer's obligations under those sections; and

  (b)   any system used by the dealer at the premises for keeping those records; and

  (c)   any reports retained at, or accessible from, the premises under those sections; and

  (d)   any system used by the dealer in connection with:

  (i)   preparing reports under those sections; or

  (ii)   sending such reports to the AUSTRAC CEO; or

  (iii)   retaining such reports.

  (2A)   For the purpose of monitoring the compliance of a cash dealer who is an approved cash carrier with the record - keeping obligations referred to in section   8, the officer may inspect:

  (a)   records containing reportable details (within the meaning of that section) of significant cash transactions to which the cash dealer is a party that are kept at, or accessible from, the premises; and

  (b)   any system used by the dealer at those premises for keeping such records.

  (3)   For the purpose of monitoring a cash dealer's compliance with section   20 and any undertaking given under section   8A, the officer may inspect:

  (a)   records of account information and signatory information kept at, or accessible from, the premises; and

  (b)   any system used by the dealer at those premises for keeping such records.

  (4)   For the purpose of monitoring compliance, by a cash dealer who is a bullion seller, with sections   24C and 24D, the officer may inspect:

  (a)   records of information compiled or obtained in the course of obtaining an identification record for a party to a bullion transaction, being records kept at, or accessible from, the premises; and

  (b)   any system used by the bullion seller at the premises for keeping such records.

  (5)   An authorised officer who is empowered under this section to inspect records or reports of a cash dealer may also receive or make copies of, or take extracts from, those records or reports.