5‑14 AML/CTF compliance officer requirem5‑14 AML/CTF compliance officer requirements—matters to have regard to in determining whether a fit and proper person

5‑14 AML/CTF compliance officer requirements—matters to have regard to in determining whether a fit and proper person

(1) For the purposes of subsection 26J(4) of the Act, a reporting entity must have regard to the following matters in determining whether an individual is a fit and proper person for the purposes of paragraph 26J(3)(b) of the Act: (a) whether the individual possesses the necessary competence, skills, knowledge, diligence, expertise and soundness of judgement to properly perform the duties of the AML/CTF compliance officer for the reporting entity (also having regard to the nature, size and complexity of the reporting entity); (b) whether the individual has the attributes of good character, honesty and integrity; (c) whether the individual has been convicted of a serious offence; (d) whether the individual has been the subject of civil or criminal proceedings, or a regulatory or disciplinary process in Australia or a foreign country that: (i) related to the management of an entity, or commercial or professional activity; and (ii) involved an adverse finding as to the individual’s competence, diligence, judgement, honesty or integrity; (e) whether the individual is an undischarged bankrupt under the law of Australia or a foreign country; (f) whether the individual has executed a personal insolvency agreement under Part X of the Bankruptcy Act 1966 or a similar law of a foreign country; (g) whether the individual has a conflict of interest that will create a material risk that the individual will fail to properly perform the duties of the AML/CTF compliance officer for the reporting entity. (2) Paragraph (1)(c) of this section does not affect the operation of Part VIIC of the Crimes Act 1914 (which includes provisions that, in certain circumstances, relieve persons from the requirement to disclose spent convictions and require persons aware of such convictions to disregard them).