26TApplication of Part to holders of Australian financial services licences

26T  Application of Part to holders of Australian financial services licences

 (1) This section applies if all of the designated services provided by a reporting entity are covered by item 54 of table 1 in section 6.

Note: Item 54 of table 1 in section 6 covers a holder of an Australian financial services licence who arranges for a person to receive a designated service.

 (2) Paragraph 26F(1)(a) applies in relation to the reporting entity as if it instead required policies, procedures, systems and controls that:

 (a) relate to undertaking initial customer due diligence in accordance with section 28; and

 (b) are appropriate to the risks of money laundering, financing of terrorism and proliferation financing that the reporting entity may reasonably face in providing its designated services.

 (3) The following provisions of this Part do not apply to the reporting entity:

 (a) paragraphs 26F(1)(b) and (3)(a) to (d) and subsection 26F(4);

 (b) section 26H;

 (c) subsection 26P(2);

 (d) Division 5.