CTHIn ForceAct
Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024
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Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024
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Turn the raw legal text into a practical explanation grounded in Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024.
26G Reporting entities must comply with AML/CTF policies
(1) A reporting entity must comply with the AML/CTF policies of the reporting entity.
(2) If:
(a) a reporting entity is a member of a reporting group; and
(b) the reporting entity is not the lead entity of the reporting group;
the reporting entity must also comply with the AML/CTF policies of the lead entity of the reporting group that apply to the reporting entity.
Note: The lead entity of the reporting group must comply with its own AML/CTF policies under subsection (1).
(3) Subsections (1) and (2) are civil penalty provisions.