Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p219
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 607811–610812

(2) a subsidiary of Wise other than Wise Australia Pty Ltd ABN 38 616 463 855 (Wise Australia).

    78.3 Each of the following persons is specified to be a beneficiary institution:

         (1) Wise;

         (2) a subsidiary of Wise other than Wise Australia.

         Conditions for reports of international funds transfer instructions

    78.4 Section 45 of the Act only applies to an instruction involving a person specified in paragraph 78.2 as the ordering institution if:

        (1)       Wise Australia is the beneficiary institution; and

        (2)        the instruction is accepted at or through a permanent establishment of the person in a foreign county.

    78.5 Section 45 of the Act only applies to an instruction involving a person specified in paragraph 78.3 as the beneficiary institution if:

        (1)        Wise Australia is the ordering institution; and

        (2)        the transferred money is to be, or is, made available to the payee at or through a permanent establishment of the person in a foreign country.

CHAPTER 79 Applicable customer identification procedure – special circumstances – account opening and deposit

    79.1 These Anti-Money Laundering and Counter-Terrorism Financing Rules are made under section 229 for the purposes of paragraphs 33(a) and 33(b) and subparagraph 34(1)(d)(i) of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

Conditions for carrying out the applicable customer identification procedure after commencing to open an account

    79.2 A reporting entity that commences to provide to a customer a designated service described in item 1 of table 1 in subsection 6(2) of the Act, may carry out the applicable customer identification procedure (ACIP) in respect of the customer (including any beneficial owner of the customer or any person purporting to act on behalf of the customer), after commencing to provide the designated service if:

         (1) it has determined on reasonable grounds that doing so is essential to avoid interrupting the ordinary course of its business; and

         (2) has determined on reasonable grounds that any additional ML/TF risk arising from carrying out the ACIP after commencing to provide the designated service specified in paragraph 79.2 is low; and

         (3) has implemented appropriate risk-based systems and controls to effectively manage the associated ML/TF risks; and

         (4) has systems and controls in place to ensure it carries out the ACIP as soon as practicable; and

         (5) does not commence to provide to the customer another designated service except:

              (a) a designated service described in item 3 of table 1 in subsection 6(2) of the Act that is a deposit made to the account; or

              (b)  a designated service described in an item of table 1 in subsection 6(2) of the Act, other than item 1 or item 3, that is incidental to the provision of the designated service specified in paragraph