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

18   After subsection 6(6)

Insert:

Designated services provided within business groups

(6A) Despite anything in this section, a service is not a designated service if:

(a) any of the following apply:

(i) a member of a business group provides the service to another member of the business group;

(ii) the service is of a kind described in item 48 of table 1 and the guarantor and borrower are members of the same business group;

(iii) the service is of a kind described in item 49 of table 1 and the guarantor and borrower are members of the same business group;

(iv) the service is of a kind specified in the AML/CTF Rules; and

(b) the service is not of a kind specified in the AML/CTF Rules; and

(c) the requirements (if any) specified in the AML/CTF Rules are met.

Note 1: Item 48 of table 1 covers guaranteeing a loan, where the guarantee is given in the course of carrying on a business of guaranteeing loans.

Note 2: Item 49 of table 1 covers making a payment, in the capacity of guarantor of a loan, to the lender, where the guarantee was given in the course of carrying on a business of guaranteeing loans.