6‑11 Previous compliance in a foreign co6‑11 Previous compliance in a foreign country

6‑11 Previous compliance in a foreign country

For the purposes of paragraph 28(6)(b) of the Act, a reporting entity is taken to have established on reasonable grounds a matter mentioned in subsection 28(2) of the Act in relation to a customer if: (a) the 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; and (b) the reporting entity or another member of the reporting group of the reporting entity has previously commenced to provide a service (whether or not a designated service) to the customer at or through a permanent establishment in a foreign country; and (c) laws of the foreign country giving effect to the FATF Recommendations relating to customer due diligence and record‑keeping applied in relation to the provision of the service; and (d) either: (i) the reporting entity or other member of the reporting group was not required to establish the matter under those laws in relation to the provision of the service on the basis that the risks of money laundering, financing of terrorism and proliferation financing associated with the provision of the service to the customer were low; or (ii) the reporting entity or other member of the reporting group established the matter in relation to the provision of the service as required by those laws; and (e) either: (i) the reporting entity holds the KYC information collected on the customer, and the reliable and independent data used to verify the KYC information, in connection with the provision of the service; or (ii) the reporting entity has in place an arrangement permitting immediate access to the KYC information collected on the customer by the other member of the reporting group, and the reliable and independent data used to verify the KYC information, in connection with the provision of the service.