Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p35
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 96183–99273

a custodian provided:

            (a) the appointing custodian meets the criteria specified in subparagraph 4.4.19(1) of these Rules; and

            (b) the nominee of the custodian gives the relevant reporting entity certification from the appointing custodian that the former:

                (i)  satisfies the geographical link or is on the Reporting Entity Roll; and

                (ii) has carried out all applicable customer identification procedures in relation to their underlying customers.

        (5)  'providing a custodial or depository service' has the same meaning as in section 5 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and includes providing a custodial or depository service as part of an IDPS or MDA service.

        (6)  'Reporting Entities Roll' has the meaning given by section 51C of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
          Part 4.5 Applicable customer identification procedure with respect to partners

    4.5.1 In so far as a reporting entity has any customer who acts in the capacity of a partner in a partnership, an AML/CTF program must comply with the requirements specified in Part 4.5 of these Rules.

    4.5.2 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 person notifies the reporting entity that the person is a customer of the reporting entity in the person's capacity as a partner in a partnership, that:

        (1) the partnership exists; and

        (2) the name of each of the partners in the partnership has been provided in accordance with subparagraph 4.5.3(5).

Collection and verification of information

    4.5.3 An AML/CTF program must include a procedure for the reporting entity to collect, at a minimum, the following KYC information and documentation about a customer:

        (1) the full name of the partnership;

        (2) the full business name (if any) of the partnership as registered under any State or Territory business names legislation;

        (3) the country in which the partnership was established;

        (4) in respect of one of the partners ‑ the information required to be collected about an individual under the applicable customer identification procedure with respect to individuals set out in an AML/CTF program; and

        (5) the full name and residential address of each partner in the partnership except where the regulated status of the partnership is confirmed through reference to the current membership directory of the relevant professional association.

    4.5.4 An AML/CTF program must include appropriate risk‑based systems and controls for the reporting entity to determine whether, in addition to the information referred to in paragraph 4.5.3, any other KYC information will be collected in respect of a partnership.

    4.5.5 An AML/CTF program must include a procedure for the reporting entity to verify at a minimum:

        (1) the full name of the partnership from the