5‑19 Policies relating to the obligation5‑19 Policies relating to the obligations of intermediary institutions

5‑19 Policies relating to the obligations of intermediary institutions

Scope (1) This section applies if a reporting entity is to provide a designated service covered by item 31 of table 1 in section 6 of the Act, as an intermediary institution, for a transfer of value. Policies relating to all transfers of value (2) For the purposes of paragraph 26F(3)(e) of the Act, the AML/CTF policies of a reporting entity must deal with the following: (a) the steps that the reporting entity will take to monitor whether the reporting entity has received the information specified in section 8‑5 of this instrument relating to the transfer of value; (b) determining whether to pass on a transfer message for the transfer of value in the circumstances described in subsection 66(3) of the Act; (c) determining whether to request further information from another institution in the value transfer chain in the circumstances described in subsection 66(3) of the Act. (3) For the purposes of paragraph 26F(4)(g) of the Act, the AML/CTF policies of the reporting entity must set out systems and controls to enable the reporting entity to comply with its obligations under subsection 66(5) of the Act to provide information to another institution in the value transfer chain as soon as practicable after receiving a request. (4) For the purposes of paragraph 26F(7)(b) of the Act, the AML/CTF policies of a reporting entity are taken to comply with the matters mentioned in subsection (3) of this section if they require provision of the information within 3 business days after receiving sufficient information from the institution to process the request.