Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.