26SRegistered remittance affiliates of a registered remittance network provider

26S  Registered remittance affiliates of a registered remittance network provider

 (1) A reporting entity that is a registered remittance network provider must make available an AML/CTF program to its registered remittance affiliates.

 (3) To avoid doubt, subsection (1) does not prevent any of the registered remittance affiliates from:

 (a) undertaking a risk assessment for the remittance affiliate; or

 (b) developing AML/CTF policies for the remittance affiliate.

 (4) If a senior manager of a remittance affiliate of a registered remittance network provider approves the registered remittance network provider’s:

 (a) ML/TF risk assessment; and

 (b) AML/CTF policies;

the remittance affiliate is taken to have complied with the remittance affiliate’s obligations under section 26C and 26F in respect of the remittance affiliate’s designated services to which the registered remittance network provider’s AML/CTF program applies.