Commonwealth Consolidated Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 37B

  (1)   If a reporting entity enters into an agreement or arrangement of a kind referred to in subsection   37A(1), then, while the agreement or arrangement is in force, the reporting entity must:

  (a)   carry out assessments in accordance with the AML/CTF Rules; and

  (b)   carry out those assessments at the times worked out in accordance with the AML/CTF Rules; and

  (c)   prepare a written record of each assessment within 10 business days after the day of completing the assessment.

Civil penalty

  (2)   Subsection   (1) is a civil penalty provision.