Document ID: chunk:federal_register_of_legislation:C2024A00110:clause:2_29
Version: federal_register_of_legislation:C2024A00110
Segment Type: clause
Provision Reference: sch 2 cl 29
Character Range: 73795–75181

29  Exemptions from initial customer due diligence
  Despite subsection 28(1), a reporting entity may commence to provide a designated service to a customer before the reporting entity complies with that subsection if:
 (a) circumstances specified in the AML/CTF Rules apply; and
 (b) the reporting entity determines on reasonable grounds that commencing to provide the designated service to the customer before subsection 28(1) is complied with in relation to the customer is essential to avoid interrupting the ordinary course of business; and
 (c) the reporting entity has AML/CTF policies to comply with subsection 28(1) in relation to the customer:
 (i) as soon as reasonably practicable after commencing to provide the designated service to the customer; and
 (ii) within the period (if any) specified in the AML/CTF Rules; and
 (d) the reporting entity determines on reasonable grounds that any additional risk of money laundering, terrorism financing or proliferation financing associated with complying with subsection 28(1) in relation to the customer after commencing to provide the designated service to the customer is low; and
 (e) the reporting entity implements AML/CTF policies to mitigate and manage the associated risks; and
 (f) the reporting entity complies with the requirements (if any) specified in the AML/CTF Rules.

Division 3—Ongoing customer due diligence