8Verification: non‑residents

8 Verification: non‑residents

(1) In this regulation, a reference to the carrying on of business in Australia has the meaning given by section 21 of the Corporations Law. (2) A financial body that carries on business in Australia may notify an identifying cash dealer of the nomination of a person resident overseas employed by it to be the foreign verifying officer or a foreign verifying officer of the financial body. (3) If an identifying cash dealer is notified that a person has been nominated as a foreign verifying officer and the nominated person is not a verified signatory, the cash dealer must, as soon as practicable, seek to identify the person by means of: (aa) a verification procedure referred to in subparagraph 20A(1)(b)(ii) of the Act; or (a) an identification reference for the person in accordance with section 21 of the Act; or (b) the checks mentioned in regulation 4. (4) If a financial body revokes a nomination or a foreign verifying officer ceases to be employed by a financial body, it must notify the identifying cash dealer of that fact as soon as practicable. (5) A person resident outside Australia who is a signatory of an account is also taken to be identified if a certificate of identity by the foreign verifying officer, or a foreign verifying officer, for that account is lodged with an identifying cash dealer and the certificate: (a) sets out the name and residential address of the signatory; and (b) says that the officer is satisfied: (i) that the name is the name by which the signatory is known; and (ii) that the signatory is a signatory of an account with the financial body. (c) bears the signatures of the officer and the signatory. (6) Verification of the identity of a signatory under subregulation (5) is worth 100 points. (7) A person resident outside Australia who is a signatory of an account is taken to be identified if: (a) the person produces to an employee of a bank who is authorised by the bank to open accounts with the bank: (i) being a bank that carries on business outside Australia and is engaged in a transaction with an identifying cash dealer; and (ii) whether or not the bank has an authority under section 9 of the Banking Act 1959; verification of the identity of the signatory using documents that are equivalent to documents worth a total of 100 points that are referred to in regulation 4; and (b) the employee: (i) signs a statement that he or she has seen the documents; and (ii) attaches a copy of each of the documents to the statement or records the pertinent details of the documents in the statement. (8) A certificate of identity by an employee referred to in subregulation (7) may relate to more than one signatory of the account for which it is lodged.