Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p31
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 84936–87976

in respect of one of those companies – information about the company in accordance with the applicable customer identification procedure with respect to companies set out in an AML/CTF program;

        (4) if the trustees comprise individuals and companies then in respect of either an individual or a company – the information about the individual or company (as the case may be) in accordance with the applicable procedures with respect to the individual or company set out in an AML/CTF program; and

        (5) the full name of the settlor of the trust, unless:

             (a) the material asset contribution to the trust by the settlor at the time the trust is established is less than $10,000; or

             (b) the settlor is deceased; or

             (c) the trust is verified using the simplified trustee verification procedure under paragraph 4.4.8 of these Rules; or

             (d) the customer is either:

              (A) a custodian; or

             (B) a nominee of a custodian.

             Note:  'Custodian' and 'nominee of a custodian' are defined in paragraph 4.4.19 of these Rules..

    4.4.6 An AML/CTF program must include appropriate risk‑based systems and controls for the reporting entity to determine whether and to what extent, in addition to the KYC information referred to in paragraph 4.4.5, any other KYC information relating to the trust's existence collected in respect of the trust should be verified.

    4.4.7 In determining whether, and what, additional information will be collected and/or verified in respect of a trust pursuant to paragraphs 4.4.4 and/or 4.4.6, the reporting entity must have regard to ML/TF risk relevant to the provision of the designated service.

    4.4.8 If an AML/CTF program includes the simplified trustee verification procedure described below with respect to a trust that is:

        (1) a managed investment scheme registered by ASIC;

        (2) a managed investment scheme that is not registered by ASIC and that:

           (a) only has wholesale clients; and

           (b) does not make small scale offerings to which section 1012E of the Corporations Act 2001 applies;

        (3) registered and subject to the regulatory oversight of a Commonwealth statutory regulator in relation to its activities as a trust; or

        (4) a government superannuation fund established by legislation;

    an AML/CTF program is taken to comply with the requirements of paragraphs 4.4.5, 4.4.6 and 4.4.7 of these Rules in so far as those customers are concerned.

    Simplified Trustee Verification Procedure
    The reporting entity must verify that the trust is:
    (1) a managed investment scheme registered by ASIC;
    (2) a managed investment scheme that is not registered by ASIC and that:
     (a) only has wholesale clients; and
              (b) does not make small scale offerings to which section 1012E of the Corporations Act 2001 applies;
        (3) registered and subject to the regulatory oversight of a Commonwealth