Document ID: chunk:federal_register_of_legislation:C2024A00110:clause:1_26h
Version: federal_register_of_legislation:C2024A00110
Segment Type: clause
Provision Reference: sch 1 cl 26H
Character Range: 35878–36889

26H  AML/CTF responsibilities of governing bodies
 (1) The governing body of a reporting entity must:
 (a) exercise appropriate ongoing oversight of:
 (i) the reporting entity's identification and assessment of risk for the purposes of its ML/TF risk assessment; and
 (ii) the reporting entity's compliance with its AML/CTF policies, the Act, the regulations and the AML/CTF Rules; and
 (b) take reasonable steps to ensure that the reporting entity:
 (i) is appropriately identifying, assessing, managing and mitigating the risks of money laundering, financing of terrorism and proliferation financing that the reporting entity may reasonably face in providing its designated services; and
 (ii) is otherwise complying with its AML/CTF policies, the Act, the regulations and the AML/CTF Rules.
 (2) A reporting entity contravenes this subsection if the governing body of the reporting entity contravenes subsection (1).
 (3) Subsection (2) is a civil penalty provision.

Division 5—AML/CTF compliance officers