6‑7 Beneficial owners of the customer6‑7 Beneficial owners of the customer

6‑7 Beneficial owners of the customer

(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 (the identity of any beneficial owners of the customer) in relation to the customer if the reporting entity has established on reasonable grounds that: (a) the customer is a listed public company; and (b) the customer is subject to public disclosure requirements (however imposed) that ensure transparency regarding the identity of any beneficial owners. (1A) 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 the customer if the reporting entity has established on reasonable grounds that the customer is a government body. (1B) 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 the customer if the reporting entity has established on reasonable grounds that the customer is controlled (whether directly or indirectly) by: (a) a listed public company that is subject to public disclosure requirements (however imposed) that ensure transparency regarding the identity of any beneficial owner of the company; or (b) a government body. (1C) For the purposes of paragraph 28(6)(b) of the Act, a reporting entity is taken to have established on reasonable grounds, for the purposes of paragraph 28(2)(d) of the Act, the identity of an individual who is a beneficial owner of the customer if: (a) the reporting entity has established on reasonable grounds that the customer is owned in part (whether directly or indirectly) by, but not controlled by: (i) a listed public company that is subject to public disclosure requirements (however imposed) that ensure transparency regarding the identity of any beneficial owner of the company; or (ii) a government body; and (b) the individual is a beneficial owner of: (i) the company mentioned in subparagraph (a)(i); or (ii) the body mentioned in subparagraph (a)(ii); and (c) the individual is a beneficial owner of the customer solely by reason of the ownership mentioned in paragraph (b). (2) In circumstances where subsection (1), (1A), (1B) or (1C) 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.