Document ID: chunk:federal_register_of_legislation:F2024L01467:clause:1_2
Version: federal_register_of_legislation:F2024L01467
Segment Type: clause
Provision Reference: sch 1 cl 2
Character Range: 5936–7673

2  Chapter 15
Item 1

Repeal subparagraph 15.1, substitute:

     15.1  These Anti-Money Laundering and Counter-Terrorism Financing Rules (Rules) are made under section 229 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the AML/CTF Act) for paragraphs 36(1)(b), 84(2)(c) and 85(2)(c) of that Act. Sections 136 and 137 of the AML/CTF Act apply to each paragraph of this Chapter. The requirements set out in these Rules do not apply in relation to a permanent establishment in a foreign country at or through which a reporting entity provides designated services. This Chapter commences on 1 June 2014.

KYC information and Beneficial Owner Information

     Note:  Reporting entities that provide designated services to customers who are custodians or nominees of custodians are exempt from the requirements specified in paragraphs 15.2 and 15.3 of these Rules in relation to certain beneficial owner information. These exemptions are set out in paragraph 4.4.18 of Chapter 4 of these Rules.

     Item 2

     Repeal subparagraph 15.7, substitute:

     15.7  The transaction monitoring program should have regard to complex, unusual large transactions and unusual patterns of transactions, which have no apparent economic or visible lawful purpose.

    Enhanced customer due diligence program

     Note:  Reporting entities that provide designated services to customers who are custodians or nominees of custodians are exempt from the requirements specified in subparagraphs 15.9(2), 15.10(1)(b), 15.10(1)(c), 15.10(2) and 15.10(4) of these Rules in relation to underlying customers of custodians or nominees of custodians. These exemptions are set out in paragraph 4.4.18 of Chapter 4 of these Rules.