A service that’s listed in section 6 of the Act (because it has been identified as posing a risk for money laundering and terrorism financing) and which meets the geographical link.
Designated services include a range of business activities in the financial services, bullion, gambling, remittance, virtual asset service providers, real estate, professional services and dealers in precious metals, stones and products sectors.
A person that provides any of these services will be a reporting entity. Reporting entities have obligations under the AML/CTF Act.