Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (110 of 2024)
Schedule 3 Regulating additional high-risk services
Part 2 Dealers in precious metals and stones
Anti-Money Laundering and Counter-Terrorism Financing Act 2006
6 Subsection 6(3)
Repeal the subsection, substitute:
Table 2 - Bullion and precious metals, stones and products
(3) Table 2 is as follows:
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Table 2 - Bullion and precious metals, stones and products |
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|---|---|---|
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Item |
Provision of a designated service |
Customer of the designated service |
|
1 |
buying or selling bullion, where the buying or selling is in the course of carrying on a bullion-dealing business |
the buyer or the seller (as the case may be) |
|
2 |
buying or selling one or more of the following items in the course of carrying on a business, where the purchase involves the transfer of physical currency or virtual assets (or a combination of physical currency and virtual assets) with a total value of not less than $10,000, whether the purchase is made in a single transaction or in several transactions that are linked or appear to be linked: (a) precious metal; (b) precious stones; (c) precious products; (d) any combination of any 2 or more of the items referred to in paragraphs (a) to (c) |
the buyer or the seller (as the case may be) |