An entity may meet its initial CDD policy obligation by keeping policies that apply the customer identification procedures required by the Rules as in force on 30 March 2026, provided the policies identify (from 1 July 2026) the classes of customers they apply to in Australia and the date from which each class moves to the new requirements, and are appropriate to the entity's risks and to its nature, size and complexity. While those conditions are met, carrying out the old applicable procedure establishes the section 28(2) matters, including the old rules on verifying after service starts, and the new CDD Rules do not apply to those customers. The concession does not cover ongoing due diligence and ends on 31 March 2029.
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