Document ID: chunk:federal_register_of_legislation:C2024A00110:clause:1_26a
Version: federal_register_of_legislation:C2024A00110
Segment Type: clause
Provision Reference: sch 1 cl 26A
Character Range: 21122–22539

26A  Simplified outline
  The following is a simplified outline of this Part:

         • A reporting entity must have and comply with an AML/CTF program. An AML/CTF program comprises the reporting entity's ML/TF risk assessment and AML/CTF policies.
         • The ML/TF risk assessment is an assessment of the risks of money laundering, financing of terrorism and proliferation financing that the reporting entity may reasonably face in providing its designated services.
         • The AML/CTF policies must appropriately manage and mitigate those risks and ensure the reporting entity complies with this Act and instruments under this Act.
         • The AML/CTF program must be appropriate to the nature, size and complexity of the reporting entity's business. For a lead entity of a reporting group, it must be appropriate to the nature, size and complexity of the business of each reporting entity in the reporting group.
         • The governing body of the reporting entity has responsibilities relating to the AML/CTF program, including relating to overseeing and ensuring the reporting entity complies with the AML/CTF policies, this Act and instruments under this Act.
         • The reporting entity must have an AML/CTF compliance officer. The AML/CTF compliance officer has various functions, including to oversee and coordinate the effective operation of, and compliance with, the AML/CTF policies.