Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (110 of 2024)
Schedule 3 Regulating additional high-risk services
Part 3 Professional services
Anti-Money Laundering and Counter-Terrorism Financing Act 2006
10 Before subsection 6(6)
Insert:
Table 6 - Professional services
(5B) Table 6 is as follows:
|
Table 6 - Professional services |
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|---|---|---|
|
Item |
Provision of a designated service |
Customer of the designated service |
|
1 |
assisting a person in the planning or execution of a transaction, or otherwise acting for or on behalf of a person in a transaction, to sell, buy or otherwise transfer real estate, where: (a) the service is provided in the course of carrying on a business; and (b) the sale, purchase or other transfer is not pursuant to, or resulting from, an order of a court or tribunal |
the person |
|
2 |
assisting a person in the planning or execution of a transaction, or otherwise acting for or on behalf of a person in a transaction, to sell, buy or otherwise transfer a body corporate or legal arrangement, where: (a) the service is provided in the course of carrying on a business; and (b) the sale, purchase or other transfer is not pursuant to, or resulting from, an order of a court or tribunal |
the person |
|
3 |
receiving, holding and controlling (including disbursing) or managing a person's: (a) money; or (b) accounts; or (c) securities and securities accounts; or (d) virtual assets; or (e) other property; as part of assisting the person in the planning or execution of a transaction, or otherwise acting for or on behalf of a person in a transaction, in the course of carrying on a business (other than in a circumstance covered by subsection (5C)) |
the person |
|
4 |
assisting a person in organising, planning or executing a transaction, or otherwise acting for or on behalf of a person in a transaction, for equity or debt financing relating to: (a) a body corporate (or proposed body corporate); or (b) a legal arrangement (or proposed legal arrangement); in the course of carrying on a business |
the person |
|
5 |
selling or transferring a shelf company, in the course of carrying on a business |
the buyer or transferee |
|
6 |
assisting a person to plan or execute, or otherwise acting on behalf of a person in, the creation or restructuring of: (a) a body corporate (other than a corporation under the Corporations (Aboriginal and Torres Strait Islander) Act 2006); or (b) a legal arrangement; in the course of carrying on a business |
the person and: (a) if the body corporate is a company and the service is creating the company - the beneficial owners and directors of the company; or (b) if the legal arrangement is an express trust and the service is creating the express trust - the trustee, settlor and beneficiaries of the trust |
|
7 |
acting as, or arranging for another person to act as, any of the following, on behalf of a person (the nominator ), in the course of carrying on a business: (a) a director or secretary of a company; (b) a power of attorney of a body corporate or legal arrangement; (c) a partner in a partnership; (d) a trustee of an express trust; (e) a position in any other legal arrangement that is functionally equivalent to a position mentioned in any of the above paragraphs; other than in a circumstance covered by subsection (5E) |
the nominator |
|
8 |
acting as, or arranging for another person to act as, a nominee shareholder of a body corporate or legal arrangement, on behalf of a person (the nominator ), in the course of carrying on a business |
the nominator |
|
9 |
providing a registered office address or principal place of business address of a body corporate or legal arrangement, in the course of carrying on a business |
the person to whom the service is provided |
(5C) For the purposes of item 3 of the table in subsection (5B), the circumstances are as follows:
(a) the money, accounts, securities, securities accounts, virtual assets or other property being held or managed is payment by the person for the provision of goods or services by the business;
(b) both:
(i) the business does not provide any designated services other than the services referred to in item 3 of the table in subsection (5B); and
(ii) the money, accounts, securities, securities accounts, virtual assets or other property being held or managed is for payments reasonably incidental to the provision by the business of a service that is not a designated service;
(c) the money, accounts, securities, securities accounts, virtual assets or other property being held or managed is to be received or payable under an order of a court or tribunal;
(d) the service provided by the business is the receipt or disbursement of a payment mentioned in subsection (5D);
(e) the service is any other designated service;
(f) a circumstance specified in the AML/CTF Rules.
Note: An example of a circumstance to which paragraph (b) applies is fees paid to a barrister for representation in legal proceedings or property management services.
(5D) For the purposes of paragraph (5C)(d), the payments are:
(a) a payment to or from any of the following:
(i) a government body;
(ii) a court or tribunal of the Commonwealth, a State, a Territory or a foreign country;
(iii) a public international organisation;
(iv) a person who is licensed under a law of the Commonwealth, a State or a Territory to provide insurance, including self-insured licensees; or
(b) a payment of a kind specified in the AML/CTF Rules.
(5E) For the purposes of item 7 of the table in subsection (5B), the circumstances are:
(a) acting, or arranging for another person to act, in a fiduciary capacity pursuant to, or as a result of, an order of a court or a tribunal; or
(b) acting as the trustee of a regulated debtor's estate (within the meaning of Schedule 2 to the Bankruptcy Act 1966); or
(c) a circumstance specified in the AML/CTF Rules.
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