Commonwealth Numbered Regulations

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Prescribed verification procedure--identifying cash dealers

             (1)  For the purposes of subparagraph 20A(1)(b)(i) of the Act and subject to this section, the verification procedure that consists of one or more of the following is prescribed for a signatory to an account:

                     (a)  the checks mentioned in section 10 of this instrument;

                     (b)  in relation to a signatory mentioned in section 11, 12, 13, 14, 15 or 16 of this instrument--the alternative verification procedure for the signatory mentioned in the section that applies to the signatory;

                     (c)  in relation to a person receiving financial supplement as mentioned in section 17 of this instrument--the alternative verification procedure mentioned in that section.

             (2)  A signatory to an account is taken to be identified by a cash dealer if the cash dealer carries out the verification procedure prescribed under subsection (1) and the signatory obtains at least 100 points as a result of the cash dealer using that verification procedure.

Note:          The necessary points may, in appropriate cases, be obtained using a variety of different checks and alternative verification procedures mentioned in sections 10 to 17. For example, an Aboriginal person or Torres Strait Islander could obtain 70 points as a result of a check under section 10 and another 50 points under section 15.

             (3)  The points attributable to:

                     (a)  a type of source mentioned in a subparagraph of paragraph 10(1)(a), (b) or (c); or

                     (b)  a telephone contact mentioned in paragraph 10(1)(d); or

                     (c)  a document mentioned in paragraph 10(1)(e); or

                     (d)  a document mentioned in paragraph 10(1)(g) issued from a particular source; or

                     (e)  a reference mentioned in a subparagraph of paragraph 10(1)(j);

may only be counted once in relation to the signatory to an account.

Note:          An example of the application of subsection (3) would be where P has been identified by P's current employer under subparagraph 10(1)(a)(i) and that identification is worth 35 points. P cannot rely on identification by a former employer to gain a further 35 points for opening the same account. However, the fact that subsection (3) only allows the points for identification under subparagraph 10(1)(a)(i) to be counted once does not prevent P from relying on identification under another subparagraph of paragraph 10(1)(a) or identification under another paragraph of subsection 10(1).

             (4)  The fact that 2 or more bodies corporate are related does not affect their identity as distinct sources.

Note:          An example of the application of paragraph 10(1)(d) and subsection (4) would be where P has been issued with a Mastercard and a Visa Card by P's bank. Each is worth 25 points under paragraph 10(1)(g), but because they have been issued by the same bank, P may only use one of them for identification purposes. Another bank has issued P with a credit card and P also holds a credit card issued by a finance company that is a wholly owned subsidiary of that bank. For the purpose of identifying P, both of the last-mentioned credit cards may be taken into account, giving a total of 75 points.

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