Document ID: chunk:federal_register_of_legislation:C2025C00044:section:123:p3
Version: federal_register_of_legislation:C2025C00044
Segment Type: section
Provision Reference: s 123 (pt 3/5)
Character Range: 333665–336338

related body corporate) that belongs to the corporate group; and
 (d) the related body corporate is a reporting entity or is regulated by one or more laws of a foreign country that give effect to some or all of the FATF Recommendations; and
 (e) if the related body corporate is regulated by one or more laws of a foreign country that give effect to some or all of the FATF Recommendations—the related body corporate has given the first entity a written undertaking for:
 (i) protecting the confidentiality of information that may be disclosed to the related body corporate under this subsection; and
 (ii) controlling the use that will be made of the information; and
 (iii) ensuring that the information will be used only for the purpose for which it is disclosed to the related body corporate; and
 (f) the disclosure is made for the purpose of informing the related body corporate about the risks involved in dealing with the relevant person.
Note: A defendant bears an evidential burden in relation to the matter in subsection (7) (see subsection 13.3(3) of the Criminal Code).
 (7AA) A reporting entity to whom information has been disclosed under subsection (7) must not disclose the information unless:
 (a) the disclosure is made to another reporting entity that belongs to the corporate group; and
 (b) the disclosure is made for the purpose of informing the other reporting entity about the risks involved in dealing with the relevant person.

Exception—members of a designated business group
 (7AB) Subsection (1) does not apply to the disclosure of information by a reporting entity (the first entity) if:
 (a) the first entity belongs to a designated business group; and
 (b) the information relates to the affairs of a person (the relevant person) who is, or was, a customer of the first entity or who made inquiries referred to in subparagraph 41(1)(c)(i) of the first entity; and
 (c) the disclosure is made to another person (the related person) that belongs to the designated business group; and
 (d) the related person is a reporting entity or is regulated by one or more laws of a foreign country that give effect to some or all of the FATF Recommendations; and
 (e) if the related person is regulated by one or more laws of a foreign country that give effect to some or all of the FATF Recommendations—the related person has given the first entity a written undertaking for:
 (i) protecting the confidentiality of information that may be disclosed to the related person under this subsection; and
 (ii) controlling the use that will be made of the information; and
 (iii) ensuring that the information will be used only for the purpose for which it is