Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (110 of 2024)

Schedule 2   Customer due diligence

Part 1   Main amendments

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

8   Division 6 of Part 2

Repeal the Division, substitute:

Division 6 - Pre-commencement customers

36 Pre-commencement customers

(1) A customer of a reporting entity is a pre-commencement customer if:

(a) the reporting entity commenced before 12 December 2007 to provide a designated service covered by an item of table 1, 2 or 3 in section 6 of this Act to the customer; or

(b) the business relationship between the reporting entity and the customer involved the provision of only any of the following designated servicesin section 6 of this Act as at the start of 1 July 2026:

(i) designated services covered by item 2 of table 2 in section 6;

(ii) designated services covered by table 5 in section 6;

(iii) designated services covered by table 6 in section 6.

(2) A pre-commencement customer of a reporting entity ceases to be a pre-commencement customer when the reporting entity complies with subsection 28(1) in relation to the customer.

(3) Subsection 28(1) and paragraph 30(2)(b) do not apply in relation to a customer that is a pre-commencement customer.

(4) However, subsection 28(1) applies in relation to a customer that is a pre-commencement customer if:

(a) a suspicious matter reporting obligation arises for the reporting entity in relation to the customer; or

(b) there is a significant change in the nature and purpose of the business relationship with the customer which results in the ML/TF risk of the customer being medium or high.

Note: For suspicious matter reporting obligation , see section 41.