6‑9 The nature and purpose of the busine

6‑9 The nature and purpose of the business relationship or occasional transaction

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)(f) of the Act (the nature and purpose of the business relationship or occasional transaction) in relation to the customer if: (a) the reporting entity is not required to apply enhanced customer due diligence measures in relation to the customer; and (b) if the customer is an individual—the reporting entity has taken reasonable steps to establish that the customer is the person the customer claims to be; and (c) the reporting entity has identified the ML/TF risk of the customer, based on KYC information about the customer that is reasonably available to the reporting entity before commencing to provide the designated service; and (d) the reporting entity has collected KYC information about the customer relating to the matter mentioned in paragraph 28(2)(f) of the Act that is appropriate to the ML/TF risk of the customer.

Note: For when enhanced customer due diligence measures must be applied in relation to a customer, see section 32 of the Act and Division 4 of this Part.