10AKey terms relating to reporting groups

10A  Key terms relating to reporting groups

Reporting group

 (1) A reporting group is:

 (a) a business group, where:

 (i) at least one person in the group provides a designated service; and

 (ii) each member of the group satisfies such conditions (if any) as are specified in the AML/CTF Rules; and

 (iii) the group is not of a kind that, under the AML/CTF Rules, is ineligible to be a reporting group to which this paragraph applies; and

 (iv) the conditions (if any) relating to changes in membership, dissolution, administration or operation of the group that are specified in the AML/CTF Rules are satisfied; or

 (b) a group of 2 or more persons, where:

 (i) each member of the group has elected, in writing, to be a member of the group, and the election is in force; and

 (ii) each election was made in accordance with the AML/CTF Rules; and

 (iii) no member of the group is a member of another group to which this paragraph applies; and

 (iv) each member of the group satisfies such conditions (if any) as are specified in the AML/CTF Rules; and

 (v) the group is not of a kind that, under the AML/CTF Rules, is ineligible to be a reporting group; and

 (vi) the conditions (if any) relating to changes in membership, dissolution, administration or operation of the group that are specified in the AML/CTF Rules are satisfied.

 (1A) Subject to subsection (2A), a person may be a member of a group to which paragraph (1)(b) applies even if the person is a member of a group to which paragraph (1)(a) applies.

 (1B) The requirement in subparagraph (1)(b)(i) to make a written election does not apply in relation to a member of a group in the circumstances specified in the AML/CTF Rules.

 (2) Subparagraph (1)(b)(iii) does not apply in the circumstances specified in the AML/CTF Rules.

 (2A) If a person is a member of more than one reporting group, the AML/CTF Rules may specify circumstances in which that person is taken, for the purposes of this Act, to be a member of only one of those reporting groups.

Business groups

 (3) A business group is a group of 2 or more persons, where either of the following paragraphs applies:

 (a) one person in the group controls each other person in the group;

 (b) the group meets the requirements (if any) specified in the AML/CTF Rules.

Members of reporting groups and business groups

 (4) Each person in a reporting group or a business group is a member of that group.

Lead entity of a reporting group