26KReporting entities must have an AML/CTF compliance officer

26K Reporting entities must have an AML/CTF compliance officer

(1) If: (a) a reporting entity commences to provide a designated service; and (b) 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. (2) If: (a) a reporting entity commences to provide a designated service; and (b) 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. (3) If: (a) 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 (b) the reporting entity does not do so by that time; then the obligation to comply with the requirement continues until: (c) the reporting entity designates an individual as the AML/CTF compliance officer for the reporting entity; or (d) the reporting entity ceases to be a reporting entity; whichever occurs first. (4) 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: (a) beginning on the day on which the deadline occurs; and (b) ending on the day on which the reporting entity’s obligation to comply with the requirement ends (see subsection (3)). (5) 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. (6) Subsections (1) and (2) are civil penalty provisions.