Document ID: chunk:federal_register_of_legislation:C2025C00044:section:80
Version: federal_register_of_legislation:C2025C00044
Segment Type: section
Provision Reference: s 80
Character Range: 275763–276806

80  Simplified outline
  The following is a simplified outline of this Part:

         • A reporting entity must have and comply with an anti‑money laundering and counter‑terrorism financing program.
         • An anti‑money laundering and counter‑terrorism financing program is divided into Part A (general) and Part B (customer identification).
         • Part A of an anti‑money laundering and counter‑terrorism financing program is designed to identify, mitigate and manage the risk a reporting entity may reasonably face that the provision by the reporting entity of designated services at or through a permanent establishment of the entity in Australia might (whether inadvertently or otherwise) involve or facilitate:

                (a) money laundering; or
                (b) financing of terrorism.

         • Part B of an anti‑money laundering and counter‑terrorism financing program sets out the applicable customer identification procedures for customers of the reporting entity.

Division 2—Reporting entity's obligations