Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p23
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 63269–66144

Part 4.3 of these Rules;

        (3) Customers who act in the capacity of a trustee of a trust – Part 4.4 of these Rules;

        (4) Customers who act in the capacity of a member of a partnership – Part 4.5 of these Rules;

        (5) Incorporated or unincorporated associations – Part 4.6 of these Rules;

        (6) Registered co‑operatives – Part 4.7 of these Rules;

        (7) Government bodies – Part 4.8 of these Rules.

        Requirements in respect to Beneficial Owners and Politically Exposed Persons

    4.1.5 These Rules specify different requirements for AML/CTF programs in relation to beneficial owners and politically exposed persons:

    (1) Beneficial Owners – Part 4.12 of these Rules;

    (2) Politically Exposed Persons – Part 4.13 of these Rules.

    4.1.6 A reporting entity is only required to apply the requirements specified in subparagraphs 4.4.3(5) and 4.4.5(5), and in Part 4.12 and Part 4.13 of these Rules to a person who becomes a customer after the commencement of those provisions on 1 June 2014.

      Verification

    4.1.7 These Rules also require an AML/CTF program to comply with the requirements of Part 4.9 of these Rules relating to document‑based verification and with the requirements of Part 4.10 of these Rules relating to verification from electronic data.

      Agents of customers

    4.1.8 An AML/CTF program must comply with the requirements of Part 4.11 of these Rules in relation to any agent who is authorised to act for or on behalf of a customer in relation to a designated service.
          Part 4.2 Applicable customer identification procedure with respect to individuals

    4.2.1 In so far as a reporting entity has any customer who is an individual, an AML/CTF program must comply with the requirements specified in Part 4.2 of these Rules.

    4.2.2 An AML/CTF program must include appropriate risk‑based systems and controls that are designed to enable the reporting entity to be reasonably satisfied, where a customer is an individual, that the customer is the individual that he or she claims to be.

Collection of information

    4.2.3 An AML/CTF program must include a procedure for the reporting entity to collect, at a minimum, the following KYC information about an individual (other than an individual who notifies the reporting entity that he or she is a customer of the reporting entity in his or her capacity as a sole trader):

        (1) the customer's full name;

        (2) the customer's date of birth; and

        (3) the customer's residential address.

    4.2.4 An AML/CTF program must include a procedure for the reporting entity to collect at a minimum, the following KYC information about a customer who notifies the reporting entity that he or she is a customer of the reporting entity in his or her capacity as a sole trader:

        (1) the