Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p44
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 121520–124370

extent, it should verify the identity of any of the individuals referred to in paragraph 4.11.2(1).

    4.11.5 For the purposes of paragraph 89(1)(b) and 89(2)(b)of the AML/CTF Act, paragraphs 4.11.6 to 4.11.8 of these Rules apply in relation to an agent of a customer who is not acting in his or her capacity as an individual where that agent is authorised to act for or on behalf of the customer in relation to a designated service.

    4.11.6 An AML/CTF program must include a procedure for the reporting entity to collect, at a minimum, the following information and documentation about the customer:

        (1) the full name of each individual who purports to act for or on behalf of the customer with respect to the provision of a designated service by the reporting entity; and

        (2) evidence of the customer's authorisation of any individual referred to in subparagraph 4.11.6(1).

     4.11.7 An AML/CTF program must include appropriate risk‑based systems and controls for the reporting entity to determine whether, and to what extent, it should verify the identity of any of the individuals referred to in subparagraph 4.11.6(1).

    4.11.8 An AML/CTF program must require the reporting entity to have regard to the ML/TF risk relevant to the provision of the designated service for the purposes of determining whether, and to what extent, it should verify the identity of any of the individuals referred to in subparagraph 4.11.6(1).

Verifying officers and agents of non‑natural customers

     4.11.9 An AML/CTF program may provide for an agent of a customer who is a non‑natural person to be identified by the customer's verifying officer, provided the requirements in paragraphs 4.11.12 to 4.11.13 are met.

     4.11.10 In so far as:

        (1) an AML/CTF program provides for an agent of a non‑natural customer to be identified by a verifying officer; and

        (2) the requirements in paragraphs 4.11.12 to 4.11.13 of these Rules are met;

     an AML/CTF program need not apply the requirements in 4.11.6 to 4.11.8 of these Rules in relation to that agent.

Appointment of a verifying officer

     4.11.11 A verifying officer is a person appointed by a customer to act as a verifying officer for the purposes of these Rules. A person may be appointed as a verifying officer if he or she is an employee, agent or contractor of the customer.

Identification by a verifying officer

     4.11.12 Where an AML/CTF program provides for an agent to be identified by a verifying officer, an AML/CTF program must include a 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