Financial Transaction Reports Act 1988

PART III - ACCOUNTS  

SECTION 20A   IDENTIFICATION RECORD  

20A(1)   [What comprises identification record]  

For the purposes of this Act, a cash dealer has an identification record for a signatory to an account if, and only if:

(a) the cash dealer has an identification reference for the signatory (whether or not the reference was obtained in connection with that account); or

(b) the cash dealer is an identifying cash dealer and:

(i) the cash dealer has carried out, and has a record of, the prescribed verification procedure to identify the signatory; or

(ii) the cash dealer has carried out, and has a record of, a verification procedure to identify the signatory, being a procedure approved by the AUSTRAC CEO for the cash dealer;

(whether or not the verification procedure was carried out in connection with that account).

Example:

A solicitor administered the estate of a deceased person who held an account with an identifying cash dealer. The cash dealer carried out the prescribed verification procedure to identify the solicitor when the solicitor closed the deceased person's account.

The solicitor is now administering the estate of another deceased person who also held an account with the cash dealer. If the cash dealer has a record of the verification procedure used to identify the solicitor in relation to the first deceased person's account, it also has an identification record for the solicitor in relation to the other deceased person's account.

20A(2)   [Prescribed verification procedure]  

A verification procedure that was prescribed for the purposes of subsection 20(8) before the commencement of this section is taken to have been prescribed for the purposes of subparagraph (1)(b)(i).