Document ID: chunk:federal_register_of_legislation:C2024A00110:clause:1_26k
Version: federal_register_of_legislation:C2024A00110
Segment Type: clause
Provision Reference: sch 1 cl 26K
Character Range: 38667–40874

26K  Reporting entities must have an AML/CTF compliance officer
 (1) If:
 (a) a reporting entity commences to provide a designated service; and
 (b) an individual is not designated as the AML/CTF compliance officer for the reporting entity;
the reporting entity must, no later than 28 days after the day on which the reporting entity commences to provide the designated service, designate an individual as the AML/CTF compliance officer for the reporting entity.
 (2) If:
 (a) a reporting entity commences to provide a designated service; and
 (b) the individual designated as the AML/CTF compliance officer for the reporting entity ceases to be eligible under subsection 26J(3) to be so designated;
the reporting entity must, no later than 28 days after the day on which the individual ceases to be eligible, designate another individual as the AML/CTF compliance officer for the reporting entity.
 (3) If:
 (a) a reporting entity is required under subsection (1) or (2) to designate an individual as the AML/CTF compliance officer for the reporting entity by a particular time; and
 (b) the reporting entity does not do so by that time;
then the obligation to comply with the requirement continues until:
 (c) the reporting entity designates an individual as the AML/CTF compliance officer for the reporting entity; or
 (d) the reporting entity ceases to be a reporting entity;
whichever occurs first.
 (4) A reporting entity that contravenes subsection (1) or (2) by failing to designate an individual as the AML/CTF compliance officer for the reporting entity by a particular time (the deadline) is taken to commit a separate contravention of that subsection on each day that occurs during the period:
 (a) beginning on the day on which the deadline occurs; and
 (b) ending on the day on which the reporting entity's obligation to comply with the requirement ends (see subsection (3)).
 (5) To avoid doubt, a reporting entity does not contravene subsection (1) or (2) more than once on any particular day, even if the reporting entity commences to provide a designated service more than once on a particular day or during a particular period.
 (6) Subsections (1) and (2) are civil penalty provisions.