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.

 (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.