Document ID: chunk:federal_register_of_legislation:F2024L01467:clause:1_1:p1
Version: federal_register_of_legislation:F2024L01467
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 1/2)
Character Range: 2288–5889

1  Chapter 4

Item 1

Repeal subparagraph 4.4.3(5)(d), substitute:

             (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.

Item 2

Repeal subparagraph 4.4.5(5)(d), substitute:

  (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.

Item 3

Repeal subparagraph 4.4.18, substitute:

    Trustees who are either custodians or nominees of a custodian

              4.4.18  An AML/CTF program need not include the requirements specified in the following AML/CTF Rules in relation to the provision by the reporting entity of designated services to a customer who is either:

              (A)  a custodian or;

              (B)   a nominee of a custodian:

             (1)  subparagraph 4.4.2(2); and

                (2)  subparagraph 4.4.9(2); and

                      (3)  in so far as they relate to the collection, verification, updating or review (as applicable) of information on the underlying customers to whom the custodian or nominee of a custodian is providing a custodial or depository service:

                     (a)  Parts 4.12 and 4.13; and

                  (b)  paragraphs 15.2 and 15.3; and

                           (c)  subparagraphs 15.9(2), 15.10(1)(b), 15.10(1)(c), 15.10(2) and 15.10(4).

                      Note 1:  The requirements in Parts 4.12 and 4.13 of the AML/CTF Rules continue to apply to reporting entities in relation to the collection and verification of information on the custodian or nominee of a custodian customer.

                      Note 2:  The requirements in paragraphs 15.2 and 15.3 and subparagraphs 15.9(2), 15.10(1)(b), 15.10(1)(c), 15.10(2) and 15.10(4) of the AML/CTF Rules continue to apply to reporting entities in relation to the collection, verification, re-verification, clarification, updating, review and detailed analysis of:

                           (a)  KYC information of customers that are either custodians or nominees of custodians; and

                           (b)  beneficial owner information, other than information relating to the underlying customers of either custodians or nominees of custodians.

Item 4

Repeal subparagraphs 4.4.19(4) and 4.4.19(5), substitute:

                       (4)   'nominee of a custodian' means a related body corporate of a custodian provided:

                           (a)    the appointing custodian meets the criteria specified in subparagraph 4.4.19(1) of these Rules; and

                           (b)    the nominee of the custodian gives the relevant reporting entity certification from the appointing custodian that the former:

                                (i)    satisfies the geographical link or is on the Reporting Entity Roll; and

                                (ii)   has carried out all applicable customer identification procedures in relation to their underlying customers.

                      (5)    'providing a custodial or depository service' has the same meaning as in section 5 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and includes providing a custodial or depository service as part of an IDPS or MDA service.

                      (6)    'Reporting Entities Roll' has the meaning given by section 51C of the Anti-Money Laundering