AML/CTF reforms: Rules take shape with further Consultation

A quick recap on reforms affecting reporting entities The Amended AML/CTF Act removed the concept of "designated business groups" and replaced this with "reporting group". The concept of "reporting group" means that, if relevant control exists, a "reporting group" will be automatically formed. There is also the ability to elect to form a reporting group. However, this does not allow an automatic reporting group to be displaced. Every reporting group, whether automatic or by election, must have a lead entity. This means that wherever there is an entity providing a designated service in a business group, there will also be a lead entity regulated under the Amended AML/CTF Act. Importantly, the lead entity does not itself need to provide designated services.

Please see full publication below for more information.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. Attorney Advertising.

© Herbert Smith Freehills Kramer

Written by:

Herbert Smith Freehills Kramer
Contact
more
less

PUBLISH YOUR CONTENT ON JD SUPRA NOW

  • Increased visibility
  • Actionable analytics
  • Ongoing guidance

Herbert Smith Freehills Kramer on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide