Document ID: chunk:federal_register_of_legislation:C2024A00110:clause:1_26e
Version: federal_register_of_legislation:C2024A00110
Segment Type: clause
Provision Reference: sch 1 cl 26E
Character Range: 26567–27476

26E  Reporting entities must have up‑to‑date ML/TF risk assessment before providing designated services
 (1) A reporting entity must not commence to provide a designated service to a customer if the reporting entity does not comply with section 26C or 26D in relation to the designated service.
 (2) Subsection (1) is a civil penalty provision.
 (3) A reporting entity that contravenes subsection (1) commits a separate contravention of that subsection in respect of each designated service that the reporting entity provides to a customer at or through a permanent establishment of the reporting entity in Australia.
 (4) A reporting entity that contravenes subsection (1) commits a separate contravention of that subsection on each day that the reporting entity provides designated services at or through a permanent establishment of the reporting entity in a foreign country.

Division 3—AML/CTF policies