NOTICE UNDER PARAGRAPH 59.4 OF THE ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING RULES INSTRUMENT 2007 (NO.1)
Australian Transaction Reports and Analysis Centre
NOTICE OF SUSPENSION OF REGISTRATION
To:Bisotel Rieh Pty Ltd
ACN 114205775
Unit 7, 64 Gillies Street
Lakemba NSW 2195
I, , delegate of the Chief Executive Officer of the Australian Transaction Reports and Analysis Centre (AUSTRAC)am satisfied that Bisotel Rieh Pty Ltd is registered on the Remittance Sector Register (RSR) established under section 75 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act)as an independent remittance dealer.
I give you this notice under paragraph 59.4 of the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No.1) (AML/CTF Rules).
Ground for suspension
I have made a decision to suspend the registration of Bisotel Rieh Pty Ltd (Bisotel Rieh) on the Remittance Sector Register (RSR) on the grounds that the AUSTRAC CEO has commenced action to cancel Bisotel Rieh’s registration under section 75G of the AML/CTF Act.
Bisotel Rieh has been notified of commencement of action by AUSTRAC to cancel its registration under subsection 75G(1) of the AML/CTF Act. Please refer to that notice and attached schedule for further details in relation to this proposed cancellation action.
Period of suspension
Bisotel Rieh’s registration is suspended on and from the date of this notice until 5pm on 19September 2014. Prior to this time, AUSTRAC will make a further decision about whether or not to suspend Bisotel Rieh’s registration for a further period of forty (40) days commencing at 5pm on 19September 2014 pending finalisation of the proposed decision to cancel Bisotel Rieh’s registration.
Bisotel Rieh is invited to provide written submissions to AUSTRAC in relation to the subsequent suspension. Any submissions are to be given in writing, in paper form in person or in electronic form via email:
To:
At:
AUSTRAC will review any submissions about suspension of your registration which are received by 10am on 19September 2014. If Bisotel Rieh does not respond within this timeframe, AUSTRAC will make a further decision about whether or not to suspend Bisotel Rieh’s registration for a further period on the material presently available.
Consequences of suspension
As a result of this suspension, Bisotel Rieh is now unregistered and has been removed from the RSR. Companies must be registered on the RSR in order to provide a remittance service.
Providing a remittance service while unregistered is a criminal offence. The maximum penalties for this offence range from 2 to7 years imprisonment or 500 to2,000 penalty units (currently$85,000 to $340,000for an individual or $425,000 to $1,700,000for a company), or both. Civil penalties also apply which could result in a financial penalty being imposed by a court.
Review rights
The AUSTRAC CEO may review the suspension of registration of Bisotel Rieh if he becomes aware of material information relevant to the grounds.
Bisotel Rieh may apply to the AUSTRAC CEO for review of this decision. Any application for review must be in writing and clearly set out the reasons why the decision should be reviewed. The written application must be given to the AUSTRAC CEO within 14 days after the receipt of this notice to at the abovementioned address.
Dated this 16day of September 2014
SIGNED