Commonwealth Numbered Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 (NO. 169, 2006) - SECT 35

Scope

             (1)  This section applies to a reporting entity if:

                     (a)  at a particular time, the reporting entity has carried out, or has purported to carry out, the applicable customer identification procedure in respect of a particular customer to whom the reporting entity provided, or proposed to provide, a designated service; and

                     (b)  at a later time, any of the following subparagraphs applies:

                              (i)  an event prescribed by the AML/CTF Rules happens;

                             (ii)  a circumstance specified in the AML/CTF Rules comes into existence;

                            (iii)  a period ascertained in accordance with the AML/CTF Rules ends.

Note:          See also section 38 (when applicable customer identification procedure deemed to be carried out by a reporting entity).

Requirement

             (2)  The reporting entity must:

                     (a)  take such action as is specified in the AML/CTF Rules; and

                     (b)  do so within the time limit allowed under the AML/CTF Rules.

Civil penalty

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