Document ID: chunk:federal_register_of_legislation:C2024A00110:clause:2_36
Version: federal_register_of_legislation:C2024A00110
Segment Type: clause
Provision Reference: sch 2 cl 36
Character Range: 82665–84100

36  Pre‑commencement customers
 (1) A customer of a reporting entity is a pre‑commencement customer if:
 (a) the reporting entity commenced before 12 December 2007 to provide a designated service covered by an item of table 1, 2 or 3 in section 6 of this Act to the customer; or
 (b) the business relationship between the reporting entity and the customer involved the provision of only any of the following designated services in section 6 of this Act as at the start of 1 July 2026:
 (i) designated services covered by item 2 of table 2 in section 6;
 (ii) designated services covered by table 5 in section 6;
 (iii) designated services covered by table 6 in section 6.
 (2) A pre‑commencement customer of a reporting entity ceases to be a pre‑commencement customer when the reporting entity complies with subsection 28(1) in relation to the customer.
 (3) Subsection 28(1) and paragraph 30(2)(b) do not apply in relation to a customer that is a pre‑commencement customer.
 (4) However, subsection 28(1) applies in relation to a customer that is a pre‑commencement customer if:
 (a) a suspicious matter reporting obligation arises for the reporting entity in relation to the customer; or
 (b) there is a significant change in the nature and purpose of the business relationship with the customer which results in the ML/TF risk of the customer being medium or high.
Note: For suspicious matter reporting obligation, see section 41.