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Designated business group

Two or more reporting entities that have agreed to form a group (the designated business group) to share the administration of some or all of their AML/CTF obligations (such as an AML/CTF program or record-keeping). Any member of the group can fulfil some of the obligations for the other members. However each reporting entity is still ultimately responsible for meeting its own AML/CTF obligations.

DBGs can only be formed by:

  • related companies
  • joint ventures
  • accounting practices that are reporting entities
  • legal practices that are reporting entities
  • registered remittance service providers.

An entity can only be a member of one designated business group at a time. The group agreement must be in writing.


AML/CTF Act 2006 section 5

AML/CTF Rules 2007 chapter 2, part 2.1