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Consider these statements. (i) Under the Privacy Act, an organisation must respond to a request to correct personal information within 7 days. (ii) A reporting entity must apply enhanced customer due diligence where a suspicious matter reporting obligation arises and it proposes to keep serving the customer.
Statement (ii) is true: s32(b) of the AML/CTF Act 2006 (compilation 1 Oct 2026) requires enhanced customer due diligence in that situation. 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, not a fixed 7 days.
Privacy access and correction timeframes for organisations are 'reasonable period', not fixed days.
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