6‑13 Delayed verification—opening an acc

6‑13 Delayed verification—opening an account and deposit

Permitted circumstances (1) For the purposes of paragraph 29(a) of the Act, a reporting entity may commence to provide a designated service to a customer (subject to the requirements of section 29 of the Act and this section) if: (a) one of the following applies to the designated service: (i) the designated service is covered by item 1 of table 1 in section 6 of the Act; (ii) the designated service is covered by item 3 of table 1 in section 6 of the Act, and the transaction is a deposit made to the account; (iii) provision of the designated service is reasonably incidental to the provision of a designated service mentioned in subparagraph (i) or (ii); and (b) the designated service is provided at or through a permanent establishment of the reporting entity in Australia. Requirements (2) For the purposes of paragraph 29(f) of the Act, it is a further requirement for commencing to provide any such designated service that the reporting entity must not, before complying with subsection 28(1) of the Act: (a) transfer, or allow or facilitate the transfer of, money, property or virtual assets for or on behalf of the customer; or (b) otherwise make money, property or virtual assets available to the customer (other than holding the money, property or virtual assets in an account or otherwise on deposit from the customer).