Document ID: chunk:federal_register_of_legislation:C2024A00110:clause:2_30:p1
Version: federal_register_of_legislation:C2024A00110
Segment Type: clause
Provision Reference: sch 2 cl 30 (pt 1/2)
Character Range: 75181–78121

30  Undertaking ongoing customer due diligence
 (1) A reporting entity must monitor its customers in relation to the provision of its designated services to appropriately identify, assess, manage and mitigate the risks of money laundering, financing of terrorism and proliferation financing that the reporting entity may reasonably face in providing designated services.
Note 1: See also section 31 (simplified customer due diligence).
Note 2: See also section 32 (enhanced customer due diligence).
Note 3: See section 36 for rules that apply to pre‑commencement customers.
 (2) Without limiting subsection (1), if the reporting entity provides its designated services at or through a permanent establishment of the reporting entity in Australia, the reporting entity must:
 (a) monitor for unusual transactions and behaviours of customers that may give rise to a suspicious matter reporting obligation; and
 (b) if the reporting entity has a business relationship with a customer—review and, where appropriate, update the reporting entity's identification and assessment of the ML/TF risk of the customer in the following circumstances:
 (i) if there is a significant change to any of the matters mentioned in subsection 28(4);
 (ii) if there are unusual transactions and behaviours in relation to the customer that may give rise to a suspicious matter reporting obligation;
 (iii) circumstances specified in the AML/CTF Rules; and
 (c) if the reporting entity has a business relationship with a customer—review and, where appropriate, update and reverify KYC information relating to the customer at a frequency appropriate to the ML/TF risk of the customer, and if either of the following occur:
 (i) the reporting entity has doubts about the adequacy or veracity of the KYC information relating to the customer;
 (ii) circumstances specified in the AML/CTF Rules; and
 (d) if the reporting entity has a business relationship with a customer that is a pre‑commencement customer—monitor for significant changes in the nature and purpose of the business relationship that may result in the ML/TF risk of the customer being medium or high; and
 (e) comply with any other requirements specified in the AML/CTF Rules.
Note: For suspicious matter reporting obligation, see section 41.
 (3) The AML/CTF Rules may do either or both of the following:
 (a) specify requirements that must be complied with in relation to the matters mentioned in subsection (2);
 (b) set out circumstances in which a reporting entity is taken to comply with a matter mentioned in that subsection.
 (4) Without limiting subparagraph (2)(b)(iii) or (2)(c)(ii), paragraph (2)(e) or subsection (3), AML/CTF Rules made for the purposes of any of those provisions may make different provision in relation to different classes of customers, including:
 (a) customers in relation to whom simplified due diligence measures may be taken in accordance with section 31; and
 (b)