Document ID: chunk:federal_register_of_legislation:C2025C00044:section:29
Version: federal_register_of_legislation:C2025C00044
Segment Type: section
Provision Reference: s 29
Character Range: 150829–151819

29  Verification of identity of pre‑commencement customer etc.

Scope
 (1) This section applies to a reporting entity if:
 (a) at a time before the commencement of this section, the reporting entity commenced to provide a designated service to a customer; and
 (b) after the commencement of this section, a suspicious matter reporting obligation arises for the reporting entity in relation to the customer.
Note 1: For suspicious matter reporting obligation, see section 41.
Note 2: For tipping‑off offences, see section 123.

Requirement
 (2) The reporting entity must:
 (a) take such action as is specified in the AML/CTF Rules; and
 (b) do so within the time limit allowed under the AML/CTF Rules.

Civil penalty
 (3) Subsection (2) is a civil penalty provision.

Interpretation
 (4) For the purposes of this section, assume that Part 1 had been in force at all material times before the commencement of this section.

Division 3—Identification procedures for certain low‑risk services