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

Schedule 6   Services relating to virtual assets

Part 1   Main amendments

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

12   Section 5 (definition of stored value card)

Repeal the definition, substitute:

stored value card means a thing (whether real or virtual):

(a) that stores monetary value other than physical currency; or

(b) that gives access to monetary value stored in a form other than physical currency; or

(c) that is prescribed by the AML/CTF Rules;

but does not include:

(d) a debit card or a credit card; or

(e) an account for the purposes of items 1 to 3 of table 1 in section 6 or items 11 to 13 of table 3 in section 6; or

(f) unless prescribed by the AML/CTF Rules for the purposes of paragraph (c):

(i) a thing that is intended to give access to monetary value in a debit card or credit card account; or

(ii) a gaming chip or token, or a betting instrument; or

(iii) a virtual asset (whether or not pegged to any currency); or

(iv) a thing that stores, or gives access to, virtual assets (whether or not pegged to any currency); or

(v) a card or other thing that is only used to store or access monetary value for the purposes of purchasing an entry into a lottery or redeeming winnings in respect of a lottery, where the monetary value is denominated in a currency, or is pegged by its issuer to a currency, stored in a form other than physical currency; or

(g) a thing that, under the AML/CTF Rules, is taken not to be a stored value card.