Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p65
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 180841–183834

review should be to:

         (1) assess the effectiveness of the Part A program having regard to the ML/TF risk of each reporting entity in the designated business group;

         (2) assess whether the Part A program complies with these Rules;

         (3) assess whether the Part A program has been effectively implemented; and

         (4) assess whether each reporting entity in the designated business group has complied with its Part A program.

     9.6.6 The result of the review, including any report prepared, must be provided to senior management and, where applicable the governing board of each reporting entity in the designated business group.
          Part 9.7 Incorporation of feedback and guidance on ML/TF risks from AUSTRAC

     9.7.1 In developing and updating Part A of a joint AML/CTF program, a reporting entity must take into account:

         (1) any applicable guidance material disseminated or published by AUSTRAC; and

         (2) any feedback provided by AUSTRAC in respect of the reporting entity or the industry it operates in,

     that is relevant to the identification, mitigation, and management of ML/TF risk arising from the provision of a designated service by that entity.
          Part 9.8 Permanent establishments in a foreign country

     9.8.1 The Rules in 9.8 are made pursuant to section 229 of the AML/CTF Act for the purposes of paragraph 85(2)(b) of that Act. The Rules in 9.8 apply to those reporting entities in the designated business group that provide designated services at or through a permanent establishment in a foreign country.

     9.8.2 Subject to 9.8.3, Part A of a reporting entity's AML/CTF program must include systems and controls that meet the obligations under the AML/CTF Act that apply to the provision by the reporting entity of designated services at or through a permanent establishment of the reporting entity in a foreign country.

     9.8.3 Where a reporting entity's permanent establishment in a foreign jurisdiction is regulated by anti‑money laundering and counter‑terrorism financing laws comparable to Australia, only minimal additional systems and controls need to be considered.

     9.8.4 The requirements in parts 9.4 to 9.7 of these Rules apply in relation to a permanent establishment in a foreign country at or through which a reporting entity provides designated services. The requirements in parts 9.1 to 9.3 of 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.
          Part 9.9 Reporting obligations

     9.9.1 Part A must include:

         (1)  the obligations that apply to each of the reporting entities under sections 41, 43, 45 and 47 of the AML/CTF Act (reporting obligations); and

         (2)  appropriate systems and controls of each of the reporting entities designed to ensure compliance with the reporting obligations of the reporting entity; and