Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p51
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 142036–145128

information provided in relation to their identity is true and correct.

     4.15.3       A reporting entity must apply appropriate levels of ongoing customer due diligence in order to identify, mitigate and manage any ML/TF risk associated with customer identities established using self-attestation.

     4.15.4       A reporting entity must not rely on a self-attestation if it knows or has reason to believe that it is incorrect or misleading.

     Note:     Customers and reporting entities seeking to rely on self-attestation to establish identity should be aware that criminal or civil penalties may apply under Part 12 of the AML/CTF Act for providing false or misleading information, producing false or misleading documents, and for providing or receiving a designated service using a false customer name.

Alternative verification processes during the COVID-19 Pandemic

     4.15.5 If a reporting entity is required, in accordance with its applicable customer identification procedure, to verify information based on the original, or a certified copy or certified extract, of a document but cannot do so because of COVID-19 Pandemic measures, then it may rely on a copy of the document in accordance with its risk-based systems and controls.

     4.15.6 In this Part, 'COVID‑19 Pandemic measures' means any:

         (1)   measures implemented or recommended by an Australian government body;

         (2)   reasonable measures adopted by a reporting entity; or

         (3)   reasonable measures adopted by a person;

     to prevent the spread of COVID-19.

     Note: 'Reasonable measures' include those adopted in a foreign country where the person, or a permanent establishment of a reporting entity or subsidiary, is located.

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 5
          Part 5.1 Special anti‑money laundering and counter‑terrorism financing (AML/CTF) program

    5.1.1 These Anti‑Money Laundering and Counter‑Terrorism Financing Rules (Rules) are made pursuant to section 229 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 (AML/CTF Act) for the purposes of paragraphs 36(1)(b) and 86(1)(c) and sections 106, 107 and 108 of that Act. They specify the requirements with which a special AML/CTF program must comply. This Chapter commences on 1 June 2014.

    5.1.2 A reporting entity must have a special AML/CTF program where all of the designated services it provides are covered by item 54 of table 1 in section 6 of the AML/CTF Act. The sole or primary purpose of a special program is to set out the reporting entity's applicable customer identification procedures. Chapter 5 does not apply to pre‑commencement customers.
          Part 5.2