Document ID: chunk:federal_register_of_legislation:C2024A00110:clause:2_5:p3
Version: federal_register_of_legislation:C2024A00110
Segment Type: clause
Provision Reference: sch 2 cl 5 (pt 3/3)
Character Range: 65654–67967

your customer information) about a customer of a reporting entity means information about the customer that:
 (a) provides reasonable grounds for the reporting entity to establish the matters mentioned in subsection 28(2); or
 (b) enables the reporting entity to identify or assess the ML/TF risk of the customer.
ML/TF risk, of a customer, means the risks of money laundering, financing of terrorism and proliferation financing that a reporting entity may reasonably face in providing its designated service, or designated services, to the customer.
nested services relationship means a relationship that involves the provision of a designated service by a reporting entity that is a remitter, virtual asset service provider or financial institution to a customer that is a remitter, virtual asset service provider or financial institution where:
 (a) the reporting entity provides the designated service at or through a permanent establishment in one country; and
 (b) the customer uses the designated service to provide services to its own customers at or through a permanent establishment in another country; and
 (c) the relationship is not a correspondent banking relationship.
occasional transaction means the provision of a designated service by a reporting entity to a customer other than as part of a business relationship.
parent: without limiting who is a parent of another person for the purposes of this Act, a person is the parent of another person if the other person is the person's child because of the definition of child in this section.
person designated for targeted financial sanctions means:
 (a) a designated person or entity (within the meaning of regulations made under the Charter of the United Nations Act 1945); or
 (b) a designated person or entity (within the meaning of regulations made under the Autonomous Sanctions Act 2011).
politically exposed person means:
 (a) a domestic politically exposed person; or
 (b) a foreign politically exposed person; or
 (c) an international organisation politically exposed person.
pre‑commencement customer: see subsection 36(1).
public international organisation has the same meaning as in section 70.1 of the Criminal Code.
spouse of a person includes a de facto partner of the person within the meaning of the Acts Interpretation Act 1901.