Commonwealth Numbered Acts Commonwealth Numbered Acts(1) A joint anti‑money laundering and counter‑terrorism financing program is a written program that:
(a) applies to each reporting entity that from time to time belongs to a particular designated business group; and
(b) is divided into the following parts:
(i) Part A (general);
(ii) Part B (customer identification).
Note: A joint anti‑money laundering and counter‑terrorism financing program does not bind any of those reporting entities unless the reporting entity adopts the program (see section 82).
Part A (general)
(2) Part A of a joint anti‑money laundering and counter‑terrorism financing program is a part:
(a) the primary purpose of which is to:
(i) identify; and
(ii) mitigate; and
(iii) manage;
the risk each of those reporting entities may reasonably face that the provision by the relevant reporting entity of designated services at or through a permanent establishment of the relevant reporting entity in Australia might (whether inadvertently or otherwise) involve or facilitate:
(iv) money laundering; or
(v) financing of terrorism; and
(b) if any of those reporting entities provides designated services at or through a permanent establishment of the relevant reporting entity in a foreign country--another purpose of which is to ensure that the relevant reporting entity takes such action (if any) as is specified in the AML/CTF Rules in relation to the provision by the relevant reporting entity of designated services at or through a permanent establishment of the relevant reporting entity in a foreign country; and
(c) that complies with such requirements (if any) as are specified in the AML/CTF Rules.
Part B (customer identification)
(3) Part B of a joint anti‑money laundering and counter‑terrorism financing program is a part:
(a) the sole or primary purpose of which is to set out the applicable customer identification procedures for the purposes of the application of this Act to customers of each of those reporting entities; and
(b) that complies with such requirements (if any) as are specified in the AML/CTF Rules.
Different reporting entities
(4) A joint anti‑money laundering and counter‑terrorism financing program may make different provision with respect to different reporting entities. This does not limit subsection 33(3A) of the Acts Interpretation Act 1901 .
Reviews
(5) A requirement under paragraph (2)(c) may relate to reviews of a joint anti‑money laundering and counter‑terrorism financing program.
Holder of an Australian financial services licence
(6) A reporting entity is not entitled to adopt or maintain a joint anti‑money laundering and counter‑terrorism financing program if all of the designated services provided by the reporting entity are covered by item 54 of table 1 in section 6.
Note: Item 54 of table 1 in section 6 covers a holder of an Australian financial services licence who arranges for a person to receive a designated service.
Variation
(7) A joint anti‑money laundering and counter‑terrorism financing program may be varied, so long as the varied program is a joint anti‑money laundering and counter‑terrorism financing program.