There have also been some changes to the definitions that relate to the correspondent banking provisions. The definition of “financial institution” has changed from “a person who provides a desi..

The changes to reduce the level of prescription and move to a more risk based approach are welcome. They will assist organisations manage AML/CTF risk without prescribing a tick-in-the-box risk manag..

The designation of “gambling services” was originally in Table 2 of the Bill and has now been moved to Table 3 and its scope expanded. Table 2 previously contained only one designated service of ..

new definition is included for: “designated business group” A designated business group identifies a group business entity that is allowed to share identification information between its members w..

The first draft of the Bill was unclear as to whether the designated services referred to in Items 27, 28, 29, 30 and 31 of Table 1 relating to funds transfers, captured transfers made to and by any o..