Document ID: chunk:federal_register_of_legislation:C2024A00110:clause:2_27
Version: federal_register_of_legislation:C2024A00110
Segment Type: clause
Provision Reference: sch 2 cl 27
Character Range: 68143–69187

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

         • A reporting entity must undertake initial customer due diligence before providing a designated service to a customer. However, in special cases, initial customer due diligence may be carried out after the provision of the designated service.
         • A reporting entity must undertake ongoing customer due diligence in relation to the provision by the reporting entity of designated services.
         • Simplified customer due diligence may be undertaken in certain low risk circumstances as part of initial and ongoing customer due diligence.
         • Enhanced customer due diligence must be undertaken in certain circumstances as part of initial and ongoing customer due diligence.
         • Certain pre‑commencement customers are subject to modified customer due diligence.
         • Exemptions from initial customer due diligence, and ongoing customer due diligence, apply in certain circumstances.

Division 2—Initial customer due diligence