Document ID: chunk:federal_register_of_legislation:C2024A00110:clause:1_26f:p3
Version: federal_register_of_legislation:C2024A00110
Segment Type: clause
Provision Reference: sch 1 cl 26F (pt 3/3)
Character Range: 32813–35219

member of the reporting group of any such obligations imposed on the reporting entity;
 (c) ensuring the confidentiality and appropriate use of any information shared between members of the reporting group, including to prevent any contravention of subsection 123(1) by any member of the reporting group;
 (d) any other matters specified in the AML/CTF Rules.
Note: For other rules about how this Part applies in relation to reporting groups, see sections 26U and 236B.

AML/CTF Rules
 (7) The AML/CTF Rules may do either or both of the following:
 (a) specify requirements that must be complied with in relation to a matter mentioned in subsection (3), (4), (5) or (6);
 (b) set out circumstances in which the AML/CTF policies of a reporting entity are taken to comply with a matter mentioned in those subsections.

Reporting entities must develop and maintain AML/CTF policies before providing designated services
 (8) A reporting entity must not commence to provide a designated service to a customer if the reporting entity does not comply with subsection (1).

Civil penalty
 (8A) Subsection (8) is a civil penalty provision.
 (9) A reporting entity that contravenes subsection (8) commits a separate contravention of that subsection in respect of each designated service that the reporting entity provides to a customer at or through a permanent establishment of the reporting entity in Australia.
 (10) A reporting entity that contravenes subsection (8) commits a separate contravention of that subsection on each day that the reporting entity provides designated services at or through a permanent establishment of the reporting entity in a foreign country.

Exception
 (11) Despite subsection (1), a reporting entity is not required to develop or maintain policies, procedures, systems and controls that specifically deal with the risk of proliferation financing if:
 (a) the reporting entity reasonably assesses, under section 26C or 26D, the risk of proliferation financing that the reporting entity may reasonably face as low; and
 (b) the reporting entity reasonably assesses that its risk of proliferation financing can be appropriately managed and mitigated by its policies, procedures, systems and controls that manage and mitigate the risks of money laundering or financing of terrorism.
 (12) A person who wishes to rely on subsection (11) bears a legal burden in relation to that matter.