Paddy has taken the time to understand how the remittance sector operates and specifically how business operates and has grown and changed over the years. His report is detailed but easily understood. The Recommendations are practical. As the business is geographically spread, Paddy is more than willing to attend at our branch offices and agents to carry out the review. Also, the review is under a fixed price contract which includes travel expenses.
We can help you get your staff up to speed quickly. Get in touch to find out how we can help you tailor a program for your business. AML Services. Contact us now! Dianne Nguyen. Part 7. Part 8. Part 9. Part CHAPTER 17 Reportable details for international funds transfer instructions under a designated remittance arrangement items 3 and 4 in section 46 CHAPTER 28 Applicable customer identification procedures in certain circumstances — assignment, conveyance, sale or transfer of businesses CHAPTER 56 Information to be included in an application for registration as a remittance network provider, a remittance affiliate of the registered remittance network provider or an independent remittance dealer This Chapter commences on 1 June Australian Government Entity means:.
Note: The Statutory Declarations Regulations are accessible through the Commonwealth of Australia law website, www. B the full address of the company in its country of formation, incorporation or registration as registered by the relevant foreign registration body; and. C whether it is registered as a proprietary or private company;. Note: This is not an exhaustive definition. B with whom they have a sub-representation agreement. Form 1. I hereby confirm that:. Form 2.
I currently hold that position. My contact details are:. The following have elected to be members of [name of Designated Business Group]:. Form 3. Note: Reporting entities that collect information about a customer from a third party will need to consider their obligation under subclause 3.
Note: Subparagraph 4. Different requirements with respect to different kinds of customers. These Rules make provision in respect of the following kinds of customers:. Agents of customers. Collection of information. Verification of information. Responding to discrepancies. Paragraph 4. Existence of company — verification of information. Simplified Company Verification Procedure. The reporting entity must confirm that the company is:.
Simplified Trustee Verification Procedure. The reporting entity must verify that the trust is:. Trustees and beneficiaries— collection and verification of information. Trustees who are custodians. Note 1: The requirements in Parts 4. Note 2: The requirements in paragraphs Collection and verification of information. Methods of verification. Beneficial ownership in respect of foreign government entities. Verification with respect to individuals.
Verification with respect to persons other than individuals. Agents of customers who are individuals. Appointment of a verifying officer. A person may be appointed as a verifying officer if he or she is an employee, agent or contractor of the customer. Identification by a verifying officer.
Note: Reporting entities should consider the requirements in the Privacy Act relating to the collection and handling of information about beneficial owners. Documentation-based safe harbour procedure. Electronic-based safe harbour procedure. Procedure to follow where unable to determine the identity of the beneficial owner. Note: In addition to the verification procedures set out in Part 4.
The determination must occur either before the provision of a designated service to the customer or as soon as practicable after the designated service has been provided. If it is determined that the customer or beneficial owner is a politically exposed person, the reporting entity must carry out the applicable steps in this Part. Note: Reporting entities should consider the requirements in the Privacy Act relating to the collection and handling of sensitive information about politically exposed persons.
Multiple tables — Financial Services, Bullion and Gambling services. Any of the designated services in tables 1, 2 or 3. Chapter 28 — Applicable customer identification procedures in certain circumstances — assignment, conveyance, sale or transfer of businesses.
Any of the designated services in tables 1, 2, or 3. Chapter 50 — Exemption from applicable customer identification procedure in certain circumstances. Item 50 of table 1 or item 14 of table 3. Paragraph Table 1 — Financial Services. Any of the designated services. Chapter 66 — Applicable customer identification procedures in certain circumstances — compulsory partial or total transfer of business made under the Financial Sector Business Transfer and Group Restructure Act Items 40, 42 or Subsection 39 6.
Items 2 or 3. Chapter 35 — Exemption from applicable customer identification procedures for correspondent banking relationships. Items 6 or 7. Chapter 39 — Exemption from applicable customer identification procedures — premium funding loans for a general insurance policy. Items 6, 7, 8, 31 and Chapter 45 — Debt collection.
Item Items 25 or Chapter 38 — Exemption from applicable customer identification procedures for the sale of shares for charitable purposes. Items 35 or Chapter 67 — Warrants. Item 43 a. Items 43 or Table 2 — Bullion.
Items 1 or 2. Table 3 — Gambling services. Items 5, 6, 9 and Chapter 52 — Persons who are licensed to operate no more than 15 gaming machines. Reporting entities may rely on Part 4.
Reporting entities may also rely on Part 4. Note: Alternative identify proofing processes could include, but are not limited to, acceptance of multiple types of secondary identification documents where normally a primary identification document would be required. Where the reporting entity does not have a board, Part A must be approved and overseen by its chief executive officer or equivalent.
The Rules in part 8. The requirements in parts 8. The Rules in 9.
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