Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p60
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 167265–170212

8.5.1 Part A must provide for the reporting entity to designate a person as the 'AML/CTF Compliance Officer' at the management level. The AML/CTF Compliance Officer may have other duties.
          Part 8.6 Independent review

     8.6.1 Part A must be subject to regular independent review.

     8.6.2 The frequency of the review should take into account the nature, size and complexity of a reporting entity's business, and the type and level of ML/TF risk it might face.

     8.6.3 While the review may be carried out by either an internal or external party, the person appointed to conduct the review must not have been involved in undertaking any of the functions or measures being reviewed, including:

         (1) the design, implementation, or maintenance of Part A of a reporting entity's AML/CTF program; or

         (2) the development of a reporting entity's risk assessment or related internal controls.

     8.6.4 The reporting entity must be able to demonstrate the independence of the reviewer.

     8.6.5 The purpose of the review should be to:

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

         (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 the reporting entity has complied with its Part A program.

     8.6.6 The results of the review, including any report prepared, must be provided to senior management and, where applicable, the governing board of the reporting entity.
          Part 8.7 Incorporation of feedback and guidance on ML/TF risks from AUSTRAC

     8.7.1 In developing and updating Part A of an 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 8.8 Permanent establishments in a foreign country

     8.8.1 The Rules in part 8.8 are made pursuant to section 229 of the AML/CTF Act for the purposes of paragraph 84(2)(b) of that Act. The Rules in part 8.8 apply to a reporting entity in respect of any permanent establishment in a foreign country at or through which it provides designated services.

     8.8.2 Subject to 8.8.3 below, 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.

     8.8.3 Where a reporting entity's permanent establishment in a