6‑1 Customer is sole trader6‑1 Customer is sole trader

6‑1 Customer is sole trader

(1) This section applies in relation to complying with the obligation imposed on a reporting entity under subsection 28(1) of the Act in relation to a customer, if: (a) the customer is an individual; and (b) the provision of a designated service is proposed to relate to the customer’s conduct of a business; and (c) a designated service is proposed to be provided by the reporting entity to the customer at or through a permanent establishment of the reporting entity in Australia. (2) For the purposes of paragraph 28(6)(a) of the Act, in establishing on reasonable grounds the matter mentioned in paragraph 28(2)(a) of the Act (the identity of the customer), the reporting entity must collect at least the following KYC information: (a) the customer’s full name; (b) any business name used for the conduct of the business; (c) any other names the customer is commonly known by; (d) a unique identifier for the business or, if none has been given, a unique identifier for the customer (if any has been given); (e) the address of the principal place of business of the customer. (3) For the purposes of paragraph 28(6)(a) of the Act, in establishing on reasonable grounds the matter mentioned in paragraph 28(2)(f) of the Act (the nature and purpose of the business relationship or occasional transaction), the reporting entity must collect at least KYC information about the nature of the customer’s business.