Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For the purposes of subsection 738Q(2) of the Act, this regulation prescribes what constitutes a reasonable standard in relation to all the checks referred to in regulation 6D.3A.08.
(2) To the extent that information to be checked is of a kind that is included in a register kept by ASIC under the Act, or on ASIC's website, a reasonable standard is to check:
(a) whether the information is included in that register or on that website; and
(b) if the information is so included--whether the information is contrary to any other information that the CSF intermediary has; and
(c) if the information is the name and address of a person referred to in paragraph 6D.3A.04(1)(d)--whether the name and address is consistent with the name and address used by that person on an original, a certified copy or an authenticated electronic copy of:
(i) a primary photographic identification document; or
(ii) both a primary non-photographic identification document and a secondary identification document.
(3) Subject to subregulation (4), for all other kinds of information or matters to be checked, a reasonable standard is to:
(a) explain in writing to the offering company what information or matters are required, including the level of detail required for such information and matters; and
(b) require the offering company to provide such information and matters to the CSF intermediary in accordance with a reasonable process that the CSF intermediary has developed, documented and implemented for this purpose.
(4) A reasonable standard for checking whether the offer document (see subregulation 6D.3A.08(1)) satisfies the requirements in section 738K of the Act is to check the offer document in accordance with a reasonable process that the CSF intermediary has developed, documented and implemented for this purpose.
(5) In this regulation:
"certified copy " has the same meaning as in the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) .
"primary non-photographic identification document " has the same meaning as in the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) .
"primary photographic identification document " has the same meaning as in the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) .
"secondary identification document " has the same meaning as in the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) .