Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p33
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 90377–93563

or

         (3) a government superannuation fund established by legislation.

    4.4.14 An AML/CTF program need not include the requirements specified in paragraph 4.4.9 in relation to a trust that is registered and subject to the regulatory oversight of a Commonwealth statutory regulator in relation to its activities as a trust.

Methods of verification

    4.4.15 Subject to paragraph 4.4.16, an AML/CTF program must require that the verification of information about a trust be based on:

    (1) a trust deed, certified copy or certified extract of a trust deed;

    (2) reliable and independent documents relating to the trust;

    (3) reliable and independent electronic data; or

         (4) a combination of (1) to (3) above.

    4.4.16 For the purposes of subparagraph 4.4.15(2), 'reliable and independent documents relating to the trust' includes a disclosure certificate that verifies information about a trust where:

        (1) the verification is for the purposes of a procedure of the kind described in paragraphs 4.4.6 or 4.4.11 of these Rules; and

        (2) the information to be verified is not otherwise reasonably available from the sources described in paragraph 4.4.15.

Responding to discrepancies

    4.4.17 An AML/CTF program must include appropriate risk‑based systems and controls for the reporting entity to respond to any discrepancy that arises in the course of verifying information about a customer so that the reporting entity can determine whether it is reasonably satisfied about the matters referred to in subparagraphs 4.4.2(1) and (2).

    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