Document ID: chunk:federal_register_of_legislation:C2020A00133:clause:1_37b
Version: federal_register_of_legislation:C2020A00133
Segment Type: clause
Provision Reference: sch 1 cl 37B
Character Range: 8704–9323

37B  Regular assessments of agreement or arrangement covered by section 37A
 (1) If a reporting entity enters into an agreement or arrangement of a kind referred to in subsection 37A(1), then, while the agreement or arrangement is in force, the reporting entity must:
 (a) carry out assessments in accordance with the AML/CTF Rules; and
 (b) carry out those assessments at the times worked out in accordance with the AML/CTF Rules; and
 (c) prepare a written record of each assessment within 10 business days after the day of completing the assessment.

Civil penalty
 (2) Subsection (1) is a civil penalty provision.