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Two matters reach Pemberton Securities, a stockbroker, on the same day: a client asks it to correct her recorded occupation and address, and its AML/CTF compliance officer suspects on reasonable grounds that another client's funds are the proceeds of crime. Pemberton plans to keep serving that client. The law requires that Pemberton … (i) respond to the correction request within 7 days. (ii) apply enhanced customer due diligence to the second client.
Statement (ii) is true: s32(b) of the AML/CTF Act 2006 (compilation 1 Oct 2026) requires enhanced customer due diligence where a suspicious matter reporting obligation arises and the reporting entity proposes to keep providing designated services to the customer. Statement (i) is false: APP 13.5 in Schedule 1 to the Privacy Act 1988 requires an organisation to respond to a correction request within a reasonable period, free of charge, not within a fixed 7 days.
Privacy access and correction timeframes for organisations are 'reasonable period', not fixed days.
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