What is a "designated service" under the Australian Act?
Section 6 of the AML/CTF Act 2006 enumerates the activities that bring a person within the definition of a reporting entity — the trigger for AML obligations. Tables 1 (financial services), 2 (bullion), 3 (gambling), and 4 (digital currency exchange, added 2018) list specific service descriptions. Whether an activity is a "designated service" is a question of statutory interpretation, not commercial labelling. Tranche 2 will add new designated services for tranche 2 entities.
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