Anti-Money Laundering and Countering Financing of Terrorism Act 2009

Prohibitions

37 Prohibitions if customer due diligence not conducted

(1)

If, in relation to a customer, a reporting entity is unable to conduct customer due diligence in accordance with this subpart, the reporting entity—

(a)

must not establish a business relationship with the customer; and

(b)

must terminate any existing business relationship with the customer; and

(c)

must not carry out an occasional transaction or activity with or for the customer; and

(d)

must consider whether to make a suspicious activity report; and

(e)

may disclose the possibility of making a suspicious activity report only to a person referred to in section 46(2).

(2)

A reporting entity is not prohibited by subsection (1)(a) or (b) from establishing or continuing a business relationship with a customer in respect of an activity that is not specified in section 6(4) in relation to that reporting entity.

Section 37(1)(c): amended, on 11 August 2017, by section 68 of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).

Section 37(1)(d): amended, on 11 August 2017, by section 24(1) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).

Section 37(1)(e): amended, on 11 August 2017, by section 24(2) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).

Section 37(2): inserted, on 11 August 2017, by section 24(3) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).