6‑18 Simplified initial customer due dil6‑18 Simplified initial customer due diligence for identity of beneficial owners

6‑18 Simplified initial customer due diligence for identity of beneficial owners

(1) For the purposes of paragraph 28(6)(b) of the Act, a reporting entity is taken to have established on reasonable grounds the matter mentioned in paragraph 28(2)(d) of the Act in relation to a customer if: (a) section 31 of the Act permits the reporting entity to apply simplified customer due diligence measures in relation to the customer; and (b) the reporting entity has established on reasonable grounds that the customer is, or is controlled by: (ii) a person that is subject to oversight by a prudential, insurance, or investor protection regulator through registration or licensing requirements; or (iii) a corporation or association of homeowners in a strata title or community title scheme. (2) In circumstances where subsection (1) applies, the reporting entity is also taken to have established on reasonable grounds, for the purposes of paragraph 28(2)(e) of the Act, whether any beneficial owner of the customer is a politically exposed person or a person designated for targeted financial sanctions.