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

Schedule 8   Transfers of value and international value transfer services

Part 1   Transfers of value

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

23   Section 67

Repeal the section, substitute:

67 Exemptions - general

(1) The AML/CTF Rules may provide that this Part, or a specified provision of this Part, does not apply:

(a) to a specified kind of designated service; or

(b) to a transfer of value that occurs in specified circumstances.

(2) AML/CTF Rules made for the purposes of subsection (1) may make different provision in relation to different kinds of institutions, information, circumstances or any other matter. This does not limit subsection 33(3A) of the Acts Interpretation Act 1901.

67A Exemption - escrow services

(1) This section applies to a person if:

(a) the person is any of the following:

(i) a qualified accountant;

(ii) a reporting entity that uses qualified accountants to supply professional accounting services;

(iii) a legal practitioner (however described);

(iv) a reporting entity that uses legal practitioners (however described) to supply professional legal services; and

(b) the person provides a designated service covered by item 3 of table 6 in section 6 for the purposes of an escrow agreement.

(2) Despite section 6, the designated service provided by the person, to the extent that it is provided for the purposes of the escrow agreement, is not also a designated service covered by item 29 or 30 of table 1 in that section.