Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p32
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 87707–90660

not registered by ASIC and that:
     (a) only has wholesale clients; and
              (b) does not make small scale offerings to which section 1012E of the Corporations Act 2001 applies;
        (3) registered and subject to the regulatory oversight of a Commonwealth statutory regulator in relation to its activities as a trust; or
    (4) a government superannuation fund established by legislation.

Trustees and beneficiaries– collection and verification of information

    4.4.9 Subject to paragraph 4.4.18, an AML/CTF program must include a procedure for the reporting entity to collect, at a minimum, the following KYC information about a customer (other than a trustee in respect of a trust to which paragraph 4.4.13 or 4.4.14 applies):

        (1) the full name and address of each trustee in respect of the trust; and

        (2) either:

            (a) the full name of each beneficiary in respect of the trust; or

            (b) if the terms of the trust identify the beneficiaries by reference to membership of a class – details of the class.

    4.4.10 An AML/CTF program must include appropriate risk‑based systems and controls for the reporting entity to determine whether, in addition to the KYC information referred to in paragraph 4.4.9, any other KYC information relating to the trustees, or beneficiaries will be collected in respect of the trust.

    4.4.11 An AML/CTF program must include appropriate risk‑based systems and controls for the reporting entity to determine whether and, if so, in what manner to verify the name of any or each trustee or beneficiary, or details of any or each class of beneficiaries, or any other KYC information collected pursuant to a procedure of the kind described in paragraph 4.4.9, from the sources described in paragraph 4.4.15.

    4.4.12 An AML/CTF program must include a requirement that, in determining whether and what KYC information will be collected and/or verified in respect of a trust and the extent to which any KYC information is verified, pursuant to a procedure of the kind described in paragraphs 4.4.10 and/or 4.4.11, the reporting entity must have regard to ML/TF risk relevant to the provision of the designated service.

    4.4.13 An AML/CTF program need not include the requirements specified in paragraphs 4.4.9 to 4.4.12 in relation to a trust that is:

         (1) a managed investment scheme registered by ASIC;

         (2) a managed investment scheme that is not registered by ASIC and that:

            (a) only has wholesale clients; and

            (b) does not make small scale offerings to which section 1012E of the Corporations Act 2001 applies; 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