Anti-Money Laundering and Counter-Terrorism Financing (Transitional Provisions and Consequential Amendments) Act 2006 (170 of 2006)

Schedule 1   Amendments

Part 1   Amendments

Financial Transaction Reports Act 1988

108   At the end of section 24

Add:

(9) This section does not apply in relation to the opening of an account if the account is opened after the commencement of Division 1 of Part 2 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 in circumstances that amount to the provision of a designated service.

(10) This section does not apply in relation to the operation of an account after the commencement of Division 1 of Part 2 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 if:

(a) the account was opened in circumstances that amount to the provision of a designated service; or

(b) allowing a transaction in relation to the account would amount to the provision of a designated service.