Document ID: chunk:federal_register_of_legislation:C2025C00044:section:31
Version: federal_register_of_legislation:C2025C00044
Segment Type: section
Provision Reference: s 31
Character Range: 152275–153166

31  Verification of identity of low‑risk service customer etc.

Scope
 (1) This section applies to a reporting entity if:
 (a) at a particular time (the relevant time), the reporting entity commences to provide a designated service to a customer; and
 (b) under the AML/CTF Rules, the service is taken to be a low‑risk designated service; and
 (c) at the relevant time or a later time, a suspicious matter reporting obligation arises for the reporting entity in relation to the customer.
Note 1: For suspicious matter reporting obligation, see section 41.
Note 2: For tipping‑off offences, see section 123.

Requirement
 (2) The reporting entity must:
 (a) take such action as is specified in the AML/CTF Rules; and
 (b) do so within the time limit allowed under the AML/CTF Rules.

Civil penalty
 (3) Subsection (2) is a civil penalty provision.

Division 4—Identification procedures etc.