Designated business group
Reporting groups have replaced the concept of designated business groups.
See Reporting groups
Designated service
A designated service is a service listed in section 6 of the AML/CTF Act.
Designated services are regulated under the AML/CTF Act because they have been identified as posing a risk for money laundering, terrorism financing and proliferation financing.
You must comply with AML/CTF obligations in relation to your provision of designated services that have a geographical link to Australia.
Designated services include a range of business activities in:
- financial services
- bullion
- gambling
- remittance
- virtual assets
- real estate
- professional services
- precious metals, stones and products.
A person that provides any of these services is a reporting entity.