Designated Services Defined - AML/CTF Act

Here is an extract of Table 6 from Section 6 of the AML/CTF Act listing the designated services which are most likely to apply to lawyers, accountants and book-keepers. Table 6—Professional services within the AMLCTF Act. It’s not a full list, and please contact us if you need advice. 

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

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

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))

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

5

selling or transferring a shelf company, in the course of carrying on a business

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

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)

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

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