Reporting entities must have an AML/CTF compliance officer
26K Reporting entities must have an AML/CTF compliance officer
If:
a reporting entity commences to provide a designated service; and
an individual is not designated as the AML/CTF compliance officer for the reporting entity;
the reporting entity must, no later than 28 days after the day on which the reporting entity commences to provide the designated service, designate an individual as the AML/CTF compliance officer for the reporting entity.
If:
a reporting entity commences to provide a designated service; and
the individual designated as the AML/CTF compliance officer for the reporting entity ceases to be eligible under subsection 26J(3) to be so designated;
the reporting entity must, no later than 28 days after the day on which the individual ceases to be eligible, designate another individual as the AML/CTF compliance officer for the reporting entity.
If:
a reporting entity is required under subsection (1) or (2) to designate an individual as the AML/CTF compliance officer for the reporting entity by a particular time; and
the reporting entity does not do so by that time;
then the obligation to comply with the requirement continues until:
the reporting entity designates an individual as the AML/CTF compliance officer for the reporting entity; or
the reporting entity ceases to be a reporting entity;
whichever occurs first.
A reporting entity that contravenes subsection (1) or (2) by failing to designate an individual as the AML/CTF compliance officer for the reporting entity by a particular time (the deadline) is taken to commit a separate contravention of that subsection on each day that occurs during the period:
beginning on the day on which the deadline occurs; and
ending on the day on which the reporting entity’s obligation to comply with the requirement ends (see subsection (3)).
To avoid doubt, a reporting entity does not contravene subsection (1) or (2) more than once on any particular day, even if the reporting entity commences to provide a designated service more than once on a particular day or during a particular period.
Subsections (1) and (2) are civil penalty provisions.
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