Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A special anti - money laundering and counter - terrorism financing program is a written program:
(a) that applies to a particular reporting entity, where all of the designated services provided by the reporting entity are covered by item 54 of table 1 in section 6; and
(b) 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
(c) that complies with such requirements (if any) as are specified in the AML/CTF Rules.
Note 1: A special anti - money laundering and counter - terrorism financing program does not bind the reporting entity unless the reporting entity adopts the program (see section 82).
Note 2: 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.
(2) A reporting entity is not entitled to adopt or maintain a special anti - money laundering and counter - terrorism financing program unless all of the designated services provided by the reporting entity are covered by item 54 of table 1 in section 6.
Variation
(3) A special anti - money laundering and counter - terrorism financing program may be varied, so long as the varied program is a special anti - money laundering and counter - terrorism financing program.