6‑3 Customer is trust or foreign equival6‑3 Customer is trust or foreign equivalent

6‑3 Customer is trust or foreign equivalent

(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 a trust, or an equivalent foreign legal arrangement such as a fiducie, waqf, treuhand or fideicomiso; and (b) 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) (the identity of the customer), the reporting entity must collect at least the following KYC information: (a) the customer’s full name; (b) the kind of trust or equivalent (such as discretionary trust, bare trust or unit trust); (c) any business names of the customer; (d) any other names the customer is commonly known by; (e) a unique identifier for the customer (if any has been given); (f) the address of the principal place of business or operations of the customer; (g) evidence of the customer’s existence; (h) information about the powers that bind and govern the customer; (i) the full name of the individual, or each member of the group of individuals, with primary responsibility for the governance and executive decisions 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)(b) of the Act (the identity of any person on whose behalf the customer is receiving the designated service), the reporting entity must collect at least KYC information about: (a) the identity of each beneficiary of the trust or equivalent; or (b) if the nature of the trust or equivalent means it is not possible to identify each beneficiary, a description of each class of beneficiary. (4) For the purposes of paragraph 28(6)(a) of the Act, in establishing on reasonable grounds the matter mentioned in paragraph 28(2)(c) of the Act, the reporting entity must collect at least KYC information about the identity of the trustees of the trust. (5) For the purposes of paragraph 28(6)(a) of the Act, in establishing on reasonable grounds the matter mentioned in paragraph 28(2)(d) of the Act (the identity of any beneficial owners of the customer), the reporting entity must collect at least the following KYC information: (a) the control structure of the customer; (b) the identity of any settlor, appointor, guardian or protector of the trust or equivalent. (6) 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 or operations.