Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p38
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 104717–107826

incorporated association upon its incorporation; and

        (2) if the customer notifies the reporting entity that he or she is a customer in his or her capacity as a member of an unincorporated association:

            (a) verify the full name (if any) of the association from the rules or constitution of the association or from a certified copy or certified extract of the rules or constitution of the association or from reliable and independent documents relating to the association or from reliable and independent electronic data; and

            (b) verify information about the member in accordance with the applicable customer identification procedure with respect to individuals set out in an AML/CTF program.

    4.6.6 An AML/CTF program must include appropriate risk‑based systems and controls for the reporting entity to determine whether and to what extent, in addition to the KYC information referred to in paragraph 4.6.5, any other KYC information collected in respect of the association should be verified.

Methods of verification

    4.6.7 Subject to paragraph 4.6.8, an AML/CTF program must require that the verification of information about an association be based on:

        (1) the constitution or rules of the association or a certified copy or certified extract of the constitution or rules of the association;

        (2) the minutes of meeting of the association or a certified copy or certified extract of minutes of meeting of the association;

        (3) in the case of an incorporated association, information provided by ASIC or by the State, Territory or overseas body responsible for the incorporation of the association;

        (4) reliable and independent documents relating to the association;

        (5) reliable and independent electronic data; or

        (6) a combination of (1)–(5) above.

    4.6.8 For the purposes of subparagraph 4.6.7(4), 'reliable and independent documents relating to the association' includes a disclosure certificate that verifies information about an association where:

        (1) the verification is for the purposes of a procedure of the kind described in paragraph 4.6.6 of these Rules; and

        (2) the information to be verified is not otherwise reasonably available from the sources described in paragraph 4.6.7.

Responding to discrepancies

    4.6.9 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 an association so that the reporting entity can determine whether it is reasonably satisfied about the matters referred to in subparagraphs 4.6.2(1) and (2).
          Part 4.7 Applicable customer identification procedure with respect to registered co‑operatives

    4.7.1 In so far as a reporting entity has any customer who is a registered co‑operative, an AML/CTF program must comply with the requirements specified in Part 4.7 of these Rules.

    4.7.2 An AML/CTF program must include appropriate risk‑based systems and controls that are designed