Document ID: chunk:federal_register_of_legislation:C2024A00110:clause:2_5:p1
Version: federal_register_of_legislation:C2024A00110
Segment Type: clause
Provision Reference: sch 2 cl 5 (pt 1/3)
Character Range: 60671–63303

5  Section 5
Insert:
beneficial owner of a person (other than an individual) means an individual who:
 (a) ultimately owns (either directly or indirectly) 25% or more of the person; or
 (b) controls (directly or indirectly) the person.
business relationship means a relationship between a reporting entity and a customer involving the provision of a designated service or designated services that has, or could reasonably be expected to have, an element of duration.
child: without limiting who is a child of another person for the purposes of this Act, each of the following is the child of a person:
 (a) a stepchild or an adopted child of the person;
 (b) someone who would be the stepchild of the person except that the person is not legally married to the person's partner;
 (c) someone who is a child of the person within the meaning of the Family Law Act 1975.
de facto partner has the same meaning as in the Acts Interpretation Act 1901.
domestic politically exposed person means:
 (a) an individual who holds an office or position (whether or not in or for the Commonwealth) specified in the AML/CTF Rules; or
 (b) an individual who is a member of the legislature of the Commonwealth or of a State or Territory; or
 (c) a family member of an individual covered by paragraph (a) or (b); or
 (d) an individual who is known (having regard to information that is public or readily available) to have:
 (i) joint beneficial ownership of a body corporate or legal arrangement with an individual covered by paragraph (a) or (b); or
 (ii) sole beneficial ownership of a body corporate or legal arrangement on behalf or for the benefit of an individual covered by paragraph (a) or (b); or
 (iii) any other close business relations with an individual covered by paragraph (a) or (b).
family member of an individual who is covered by:
 (a) paragraph (a) or (b) of the definition of domestic politically exposed person in this section; or
 (b) paragraph (a) of the definition of foreign politically exposed person in this section; or
 (c) paragraph (a) of the definition of international organisation politically exposed person in this section;
includes:
 (d) a spouse, de facto partner, or other person who is equivalent to a spouse or de facto partner under any applicable law of a foreign country, of the individual; and
 (e) a child of the individual; and
 (f) a spouse or de facto partner, or other person who is equivalent to a spouse or de facto partner under any applicable law of a foreign country, of a child of the individual; and
 (g) a parent of the individual.
foreign politically exposed person means:
 (a) an individual