Commonwealth Consolidated Acts Commonwealth Consolidated ActsCompliance with program
(1) If a reporting entity has adopted:
(a) a standard anti - money laundering and counter - terrorism financing program; or
(b) a joint anti - money laundering and counter - terrorism financing program;
that applies to the reporting entity, the reporting entity must comply with:
(c) Part A of the program; or
(d) if the program has been varied on one or more occasions--Part A of the program as varied.
Civil penalty
(2) Subsection (1) is a civil penalty provision.
Exceptions
(3) Subsection (1) does not apply to a particular provision of Part A of a standard anti - money laundering and counter - terrorism financing program if the provision was not included in the program in order to comply with the requirements specified in AML/CTF Rules made for the purposes of paragraph 84(2)(c).
(4) Subsection (1) does not apply to a particular provision of Part A of a joint anti - money laundering and counter - terrorism financing program if the provision was not included in the program in order to comply with the requirements specified in AML/CTF Rules made for the purposes of paragraph 85(2)(c).
(5) A person who wishes to rely on subsection (3) or (4) bears an evidential burden in relation to that matter.