37Collection and verification of KYC information may be carried out by an agent of a reporting entity

#### 37 Collection and verification of KYC information may be carried out by an agent of a reporting entity (1) The principles of agency apply in relation to a reporting entity complying with paragraphs 28(3)(c) and (d). > Note: The reporting entity (and not its agent) will be liable to civil penalties for contraventions of this Part for providing designated services to its customers without complying with paragraphs 28(3)(c) and (d) in respect of its customers. (2) For example, a reporting entity may authorise another person to be its agent for the purposes of complying with paragraphs 28(3)(c) and (d) on the reporting entity’s behalf. (3) To avoid doubt, if a reporting entity provides a designated service to a customer through an agent of the reporting entity, the reporting entity may authorise: (a) that agent; or (b) any other person; to be its agent for the purposes of complying with paragraphs 28(3)(c) and (d) in respect of the customer on the reporting entity’s behalf. (4) This section does not otherwise limit the operation of the principles of agency for the purposes of this Act.