Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p40
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 110381–113476

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 any minutes of meeting of the co‑operative;

        (3) information provided by the State, Territory or overseas body responsible for the registration of the co‑operative;

        (4) reliable and independent documents relating to the co‑operative;

        (5) reliable and independent electronic data; or

        (6) a combination of (1)–(5) above.

    4.7.8 For the purposes of subparagraph 4.7.7(4), 'reliable and independent documents relating to the co‑operative' includes a disclosure certificate that verifies information about a registered co‑operative where:

        (1) the verification is for the purposes of a procedure of the kind described in paragraph 4.7.7 of these Rules; and

        (2) the information to be verified is not otherwise reasonably available from the sources described in paragraph 4.7.7.

Responding to discrepancies

    4.7.9 An AML/CTF program must include appropriate risk‑based systems and controls for the reporting entity to respond to any discrepancy that arises in the course of verifying information about a registered co‑operative so that the reporting entity can determine whether it is reasonably satisfied about the matters referred to in subparagraphs 4.7.2(1) and (2).
          Part 4.8 Applicable customer identification procedure with respect to government bodies

    4.8.1 In so far as a reporting entity has any customer who is a government body an AML/CTF program must comply with the requirements specified in Part 4.8 and (in so far as they are applicable) Parts 4.9 and 4.10.

    4.8.2 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 government body, that:

        (1) the government body exists; and

        (2) in the case of certain kinds of government bodies – information about the beneficial owners of the government body has been provided, where sought by the reporting entity.

Collection and verification of information

    4.8.3 An AML/CTF program must include a procedure for the reporting entity to collect, at a minimum, the following KYC information about a government body:

        (1) the full name of the government body;

        (2) the full address of the government body's principal place of operations;

        (3) whether the government body is an entity or emanation, or is established under legislation, of the Commonwealth; and

        (4) whether the government body is an entity or emanation, or is established under legislation, of a State, Territory, or a foreign country and the name of that State, Territory or country.

    4.8.4 An AML/CTF program must include appropriate risk‑based systems and controls for the reporting entity to determine