Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p134
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 374548–377548

(2) the reporting entity does not permit the customer to transfer, or otherwise part with, proceeds from a disposal of a security or derivative or a foreign exchange contract; and

         (3) the reporting entity does not re-sell, transfer, or otherwise part with (including to another reporting entity for the purpose of providing the item 33 designated service to that customer), a security or derivative or a foreign exchange contract on behalf of the customer which has been acquired on behalf of the customer; and

         (4) the reporting entity does not allow the customer to be re-credited with or obtain a refund of the purchase price; and

         (5) the designated service does not involve the acquisition of an interest in a managed investment scheme to which section 1019B of the Corporations Act 2001 applies; and

         (6) the reporting entity cannot reasonably undertake the applicable customer identification procedure before the commencement of the provision of the designated service; and

         (7) the transaction must be performed rapidly due to financial market conditions relevant to the transaction; and

         (8) the reporting entity must put in place appropriate risk-based systems and controls to determine whether and in what circumstances to provide the designated service to a customer before the applicable customer identification procedure is carried out, including in relation to the number, types and/or amount of transactions.

    46.3 For the purposes of paragraph 46.2 of these Rules and subparagraph 34(1)(d)(i) of the AML/CTF Act, the period is the earlier of the following:

         (1) the day on which the reporting entity carries out the applicable customer identification procedure; or

         (2) the end of the period of 5 business days after the day on which the reporting entity commenced to provide the designated service to the customer.

46.4 In this Chapter:

         (1) 'derivative' has the meaning given by section 5 of the AML/CTF Act;

         (2) 'security' has the meaning given by section 5 of the AML/CTF Act;

         (3) 'prescribed financial market' has the meaning given by section 9 of the Corporations Act 2001.

Reporting entities should note that in relation to activities they undertake to comply with the AML/CTF Act, they will have obligations under the Privacy Act 1988, including the requirement to comply with the Australian Privacy Principles, even if they would otherwise be exempt from the Privacy Act. For further information about these obligations, please go to http://www.oaic.gov.au or call 1300 363 992.

CHAPTER 47 Risk-only life policy interests in a superannuation fund

    47.1 These Anti-Money Laundering and Counter-Terrorism Financing Rules (Rules) are made under section 229 for subsection 247(3) of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

    47.2 Subject to paragraph 47.3, the AML/CTF Act does not apply to a designated