Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p39
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 107560–110641

a reporting entity has any customer who is a registered co‑operative, an AML/CTF program must comply with the requirements specified in Part 4.7 of these Rules.

    4.7.2 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 customer notifies the reporting entity that it is a registered co‑operative, that:

        (1) the co‑operative exists; and

        (2) the names of the chairman, secretary or equivalent officer in each case of the co‑operative have been provided.

Collection and verification of information

    4.7.3 An AML/CTF program must include a procedure for the reporting entity to collect, at a minimum, the following KYC information about a registered co‑operative:

        (1) the full name of the co‑operative;

        (2) the full address of the co‑operative's registered office or principal place of operations (if any) or the residential address of the co‑operative's secretary or (if there is no such person) the co‑operative's president or treasurer;

        (3) any unique identifying number issued to the co‑operative upon its registration by the State, Territory or overseas body responsible for the registration of the co‑operative; and

        (4) the full name of the chairman, secretary and treasurer or equivalent officer in each case of the co‑operative.

    4.7.4 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 4.7.3, any other KYC information will be collected in respect of a registered co‑operative.

    4.7.5 An AML/CTF program must include a procedure for the reporting entity to, at a minimum, verify from information provided by ASIC or by the State, Territory or overseas body responsible for the registration of the co‑operative or from any register maintained by the co‑operative or a certified copy or certified extract of any register maintained by the co‑operative or from reliable and independent documents relating to the co‑operative or from reliable and independent electronic data:

        (1) the full name of the co‑operative; and

        (2) any unique identifying number issued to the co‑operative upon its registration.

    4.7.6 An AML/CTF program must include appropriate risk‑based systems and controls for the reporting entity to determine whether and to what extent, in addition to the KYC information referred to in paragraph 4.7.5, any other KYC information relating to the registered co‑operative should be verified.

    Methods of verification

    4.7.7 Subject to paragraph 4.7.8, an AML/CTF program must require that the verification of information about a registered co‑operative be based on:

        (1) any register maintained by the co‑operative or a certified copy or certified extract of any register maintained by the co‑operative;

        (2) any minutes of meeting of the co‑operative or a certified copy or certified extract of