Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p45
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 124088–127199

requirement for:

        (1) the agent to be identified by the customer's verifying officer in accordance with paragraph 4.11.13 of these Rules;

        (2) the verifying officer to be identified and verified by the reporting entity in accordance with the requirements specified in Chapter 4 of these Rules;

        (3) the reporting entity to be provided with evidence of the customer's authorisation of the verifying officer to act as a verifying officer;

        (4) the verifying officer to make and for the customer to retain, a record of all matters collected pursuant to paragraph 4.11.13; and

        (5) the verifying officer to provide the following to the reporting entity:

           (a) the full name of the agent; and

           (b) a copy of the signature of the agent.

     4.11.13 A verifying officer will be taken to have identified an agent if he or she has collected the following:

        (1) the full name of the agent;

        (2) the title of the position or role held by the agent with the customer;

        (3) a copy of the signature of the agent; and

        (4) evidence of the agent's authorisation to act on behalf of the customer.
          Part 4.12 Collection and Verification of Beneficial Owner information

     4.12.1 An AML/CTF program must include appropriate systems and controls for the reporting entity to determine the beneficial owner of each customer and carry out the following, either before the provision of a designated service to the customer or as soon as practicable after the designated service has been provided:

         (1) collect, (including from the customer, where applicable) and take reasonable measures to verify:

         (a) each beneficial owner's full name, and

         (b)  the beneficial owner's date of birth; or

         (c) the beneficial owner's full residential address.
     4.12.2 The requirements of paragraph 4.12.1 may be modified:

         (1) for a customer who is an individual, the reporting entity may assume that the customer and the beneficial owner are one and the same, unless the reporting entity has reasonable grounds to consider otherwise;

         (2) for a customer who is:

             (a) a company which is verified under the simplified company verification procedure under paragraph 4.3.8 of these Rules;

             (b) a trust which is verified under the simplified trustee verification procedure under paragraph 4.4.8 of these Rules;

             (c) an Australian Government Entity; or

             (d) a foreign listed public company, or a majority-owned subsidiary of such a company, subject to disclosure requirements (whether by stock exchange rules or through law or enforceable means) that ensure transparency of beneficial ownership;

             then,

            (e) paragraph 4.12.1 need not be applied.

     Note:  The terms 'foreign company', 'listed public company' and 'foreign listed public company' are defined in Chapter 1 of the AML/CTF Rules.

     4.12.3 An AML/CTF program must include appropriate risk-based systems and controls for