Document ID: chunk:federal_register_of_legislation:C2024A00110:clause:1_26f:p2
Version: federal_register_of_legislation:C2024A00110
Segment Type: clause
Provision Reference: sch 1 cl 26F (pt 2/3)
Character Range: 30199–33082

this Act;
 (e) providing training to persons who are employed or otherwise engaged by the reporting entity and who perform, or will perform, functions relevant to the reporting entity's obligations under this Act in relation to:
 (i) the risk of money laundering, financing of terrorism and proliferation financing that the reporting entity may reasonably face in providing its designated services; and
 (ii) the obligations imposed by this Act, the regulations and the AML/CTF Rules on the reporting entity;
 (f) the conduct of independent evaluations of the reporting entity's AML/CTF program, including the frequency with which such evaluations must be conducted, which must:
 (i) be appropriate to the nature, size and complexity of the reporting entity's business; and
 (ii) be at least once every 3 years;
 (g) any other matters specified in the AML/CTF Rules.
Note: See also section 26U (business of a lead entity of a reporting group).

Additional obligations that apply to lead entities of reporting groups
 (5) Without limiting paragraph (1)(a), if a reporting entity is the lead entity of a reporting group, the AML/CTF policies of the reporting entity must deal with the following:
 (a) ensuring the appropriate sharing of information between members of the reporting group for the following purposes:
 (i) carrying out customer due diligence under Part 2;
 (ii) appropriately identifying, assessing, managing and mitigating the risks of money laundering, financing of terrorism and proliferation financing that each reporting entity that is a member of the reporting group may reasonably face in providing its designated services;
 (b) any other matters specified in the AML/CTF Rules.
 (6) Without limiting paragraph (1)(b), if a reporting entity is the lead entity of a reporting group, the AML/CTF policies of the reporting entity must deal with the following:
 (a) ensuring the sharing of information between members of the reporting group that is necessary for the members of the reporting group who are reporting entities to comply with:
 (i) their obligations imposed by this Act, the regulations and the AML/CTF Rules; and
 (ii) the AML/CTF policies of the lead entity;
 (b) if any member of the reporting group discharges an obligation imposed on another member of the reporting group by this Act, the regulations or the AML/CTF Rules:
 (i) which members of the reporting group may discharge which obligations of which other member; and
 (ii) ensuring that each member of the reporting group that is a reporting entity makes, or has access to, records to demonstrate any discharge by another member of the reporting group of any such obligations imposed on the reporting entity;
 (c) ensuring the confidentiality and appropriate use of any information shared between members of the reporting group, including to prevent any contravention of subsection 123(1) by