Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (110 of 2024)

Schedule 1   AML/CTF programs and business groups

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

1   Section 4

Omit:

• A reporting entity is a financial institution, or other person, who provides designated services. (Designated services are listed in section 6.)

substitute:

• A reporting entity is a person who provides designated services. (Designated services are listed in section 6.). Lead entities of certain business groups (known as reporting groups) are also reporting entities.

• A reporting entity must have and comply with an AML/CTF program.