Financial Transactions Reporting Act 1996

2 Interpretation

• (1) In this Act, unless the context otherwise requires,—

  cash—

  • (a) means any coin or paper money that is designated as legal tender in the country of issue; and

  • (b) includes—

    • (i) bearer bonds:

    • (ii) travellers cheques:

    • (iii) postal notes:

    • (iv) money orders:

  Commissioner means the Commissioner of Police

  control of the Customs has the same meaning as it has in section 20 of the Customs and Excise Act 1996, except that, for the purposes of this Act, references in that section to goods shall be read as if they were references to cash

  conveyancing practitioner has the meaning given to it by section 6 of the Lawyers and Conveyancers Act 2006

  document has the same meaning as it has in section 2(1) of the Official Information Act 1982

  facility, subject to any regulations made under this Act,—

  • (a) means any account or arrangement—

    • (i) that is provided by a financial institution; and

    • (ii) through which a facility holder may conduct 2 or more transactions; and

  • (b) without limiting the generality of the foregoing, includes—

    • (i) a life insurance policy:

    • (ii) membership of a superannuation scheme:

    • (iii) the provision, by a financial institution, of facilities for safe custody, including (without limitation) a safety deposit box:

  facility holder, in relation to a facility,—

  • (a) means the person in whose name the facility is established; and

  • (b) without limiting the generality of the foregoing, includes—

    • (i) any person to whom the facility is assigned; and

    • (ii) any person who is authorised to conduct transactions through the facility; and

  • (c) in relation to a facility that is a life insurance policy, means any person who for the time being is the legal holder of that policy; and

  • (d) in relation to a facility that consists of membership of a superannuation scheme, means any person who is a member of the scheme within the meaning of section 2(1) of the Superannuation Schemes Act 1989:

  financial institution has the meaning given to it by section 3 of this Act

  incorporated conveyancing firm has the meaning given to it by section 6 of the Lawyers and Conveyancers Act 2006

  incorporated law firm has the meaning given to it by section 6 of the Lawyers and Conveyancers Act 2006

  industry organisation means any organisation the purpose of which, or one of the purposes of which, is to represent the interests of any class or classes of financial institution

  lawyer has the meaning given to it by section 6 of the Lawyers and Conveyancers Act 2006

  life insurance policy means a policy within the meaning of section 2 of the Life Insurance Act 1908

  money laundering offence means an offence against section 243 of the Crimes Act 1961

  occasional transaction, subject to any regulations made under this Act, means any transaction—

  • (a) that involves the deposit, withdrawal, exchange, or transfer of cash; and

  • (b) that is conducted by any person otherwise than through a facility in respect of which that person is a facility holder:

  prescribed amount,—

  • (a) in relation to Part 2 of this Act, means such amount as is for the time being prescribed for the purposes of that Part of this Act by regulations made under section 56 of this Act:

  • (b) in relation to Part 5 of this Act, means such amount as is for the time being prescribed for the purposes of that Part of this Act by regulations made under section 56 of this Act:

  principal facility holder, in relation to a facility provided by a financial institution, means the facility holder or facility holders whom that financial institution reasonably regards, for the time being, as principally responsible for the administration of that facility

  real estate agent has the same meaning as it has in section 3 of the Real Estate Agents Act 1976

  real estate transaction means any matter that involves any work that, by virtue of sections 35 and 36(2) of the Lawyers and Conveyancers Act 2006, may be done only—

  • (a) by or under the supervision of a lawyer; or

  • (b) by an incorporated law firm; or

  • (c) by or under the supervision of a conveyancing practitioner; or

  • (d) by an incorporated conveyancing firm; or

  • (e) by a real estate agent who holds a licence in force under the Real Estate Agents Act 1976

  search warrant means a warrant issued under section 44 of this Act

  superannuation scheme means a superannuation scheme within the meaning of the Superannuation Schemes Act 1989; but does not include—

  • (a) any superannuation scheme established principally for the purpose of providing retirement benefits to employees (within the meaning of that Act), where—

    • (i) contributions to the scheme by employees are made only by way of deduction from the salary or wages of those employees; and

    • (ii) the trust deed governing the scheme (or, as the case requires, the statute under which the scheme is constituted) does not permit a member to assign his or her interest in the scheme to any other person; or

  • (b) any superannuation scheme—

    • (i) that has no more than 7 members; and

    • (ii) in respect of which no advertisement has been published inviting the public or any section of the public to become contributors to the scheme:

  suspicious transaction guideline means any guideline for the time being in force pursuant to section 24 of this Act

  suspicious transaction report means a report made pursuant to section 15(1) of this Act

  transaction—

  • (a) means any deposit, withdrawal, exchange, or transfer of funds (in whatever currency denominated), whether—

    • (i) in cash; or

    • (ii) by cheque, payment order, or other instrument; or

    • (iii) by electronic or other non-physical means; and

  • (b) without limiting the generality of the foregoing, includes any payment made in satisfaction, in whole or in part, of any contractual or other legal obligation; but

  • (c) does not include any of the following:

    • (i) the placing of any bet:

    • (ii) participation in gambling as defined in section 4(1) of the Gambling Act 2003:

    • (iii) any transaction that is exempted from the provisions of this Act by or under regulations made under section 56 of this Act.

  (2) For the purposes of this Act, a person becomes a facility holder in relation to a facility when that person is first able to use the facility to conduct transactions.

  Section 2(1) cash paragraph (b): amended, on 17 October 2009, by section 161(1) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (2009 No 35).

  Section 2(1) cash report: repealed, on 17 October 2009, by section 161(1) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (2009 No 35).

  Section 2(1) collector: repealed, on 1 October 1996, by section 289(1) of the Customs and Excise Act 1996 (1996 No 27).

  Section 2(1) control of the Customs: amended, on 1 October 1996, by section 289(1) Customs and Excise Act 1996 (1996 No 27).

  Section 2(1) conveyancing practitioner: inserted, on 1 August 2008, by section 348 of the Lawyers and Conveyancers Act 2006 (2006 No 1).

  Section 2(1) Customs officer: repealed, on 17 October 2009, by section 161(1) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (2009 No 35).

  Section 2(1) incorporated conveyancing firm: inserted, on 1 August 2008, by section 348 of the Lawyers and Conveyancers Act 2006 (2006 No 1).

  Section 2(1) incorporated law firm: inserted, on 1 August 2008, by section 348 of the Lawyers and Conveyancers Act 2006 (2006 No 1).

  Section 2(1) lawyer: substituted, on 1 August 2008, by section 348 of the Lawyers and Conveyancers Act 2006 (2006 No 1).

  Section 2(1) money laundering offence: amended, on 1 October 2003, by section 34 of the Crimes Amendment Act 2003 (2003 No 39).

  Section 2(1) Officer of Customs: repealed, on 1 October 1996, by section 289(1) of the Customs and Excise Act 1996 (1996 No 27).

  Section 2(1) real estate transaction: substituted, on 1 August 2008, by section 348 of the Lawyers and Conveyancers Act 2006 (2006 No 1).

  Section 2(1) transaction paragraph (c)(ii): substituted, on 1 July 2004, by section 374 of the Gambling Act 2003 (2003 No 51).