ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 32 Carrying out applicable customer identification procedure before commencement of provision of designated service

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 32

  (1)   A reporting entity must not commence to provide a designated service to a customer unless the reporting entity has carried out the applicable customer identification procedure in respect of the customer.

Note 1:   See the definition of commence to provide a designated service in section   5.

Note 2:   See sections   37A and 38 (when applicable customer identification procedure taken to be carried out by a reporting entity).

Note 3:   See section   41 for reports of suspicious matters when a reporting entity proposes to provide a designated service to a customer.

Exceptions

  (2)   Subsection   (1) does not apply if:

  (a)   there are special circumstances that justify carrying out the applicable customer identification procedure in respect of the customer after the commencement of the provision of the designated service (see section   33); or

  (b)   the reporting entity has previously carried out the applicable customer identification procedure in respect of the customer; or

  (c)   section   28 or 30 applies to the provision of the designated service.

Civil penalty

  (3)   Subsection   (1) is a civil penalty provision.