Glossary

A service that has been identified in the Act as posing a risk for money laundering, terrorism financing and proliferation financing, and which meets the geographical link requirement. 

Designated services include a range of business activities in:

• financial services
• bullion
• dealing in precious metals, stones and products
• gambling
• remittance services (also known as a money transfer business)
• virtual assets services
• real estate brokering, sales and property development services
• professional services, typically offered by lawyers, accountants, conveyancers and insolvency practitioners.

Also called a virtual or mobile wallet, an application that stores your payment details and passwords.