Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A standard anti - money laundering and counter - terrorism financing program is a written program that:
(a) applies to a particular reporting entity; and
(b) is divided into the following parts:
(i) Part A (general);
(ii) Part B (customer identification).
Note: A standard anti - money laundering and counter - terrorism financing program does not bind the reporting entity unless the reporting entity adopts the program (see section 82).
Part A (general)
(2) Part A of a standard 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 the reporting entity may reasonably face that the provision by the reporting entity of designated services at or through a permanent establishment of the reporting entity in Australia might (whether inadvertently or otherwise) involve or facilitate:
(iv) money laundering; or
(v) financing of terrorism; and
(b) if the reporting entity provides designated services at or through a permanent establishment of the reporting entity in a foreign country--another purpose of which is to ensure that the reporting entity takes such action (if any) as is specified in the AML/CTF Rules in relation to the provision by the reporting entity of designated services at or through a permanent establishment of the 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 standard 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 the reporting entity; and
(b) that complies with such requirements (if any) as are specified in the AML/CTF Rules.
Reviews
(4) A requirement under paragraph (2)(c) may relate to reviews of a standard anti - money laundering and counter - terrorism financing program.
Holder of an Australian financial services licence
(5) A reporting entity is not entitled to adopt or maintain a standard 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.
Registered remittance affiliates of a registered remittance network provider
(5A) A reporting entity that is a registered remittance network provider must make available a standard anti - money laundering and counter - terrorism financing program to its registered remittance affiliates for the purpose of adoption and maintenance under section 81 by those affiliates. To avoid doubt, this subsection does not prevent a remittance affiliate from adopting a program other than one made available under this section.
Civil penalty
(5B) Subsection (5A) is a civil penalty provision.
Variation
(6) A standard anti - money laundering and counter - terrorism financing program may be varied, so long as the varied program is a standard anti - money laundering and counter - terrorism financing program.
Registered scheme--compliance plan
(7) If a reporting entity is the responsible entity of a registered scheme (within the meaning of the Corporations Act 2001 ), the reporting entity's standard anti - money laundering and counter - terrorism financing program may be set out in the same document as the registered scheme's compliance plan under that Act.