15Section 5 (definition of shell bank)

15  Section 5 (definition of shell bank)

Omit “section 15”, substitute “section 94A”.

16  Section 5 (definition of special anti‑money laundering and counter‑terrorism financing program)

17  Section 5 (definition of standard anti‑money laundering and counter‑terrorism financing program)

18  After subsection 6(6)

Designated services provided within business groups

 (6A) Despite anything in this section, a service is not a designated service if:

 (a) any of the following apply:

 (i) a member of a business group provides the service to another member of the business group;

 (ii) the service is of a kind described in item 48 of table 1 and the guarantor and borrower are members of the same business group;

 (iii) the service is of a kind described in item 49 of table 1 and the guarantor and borrower are members of the same business group;

 (iv) the service is of a kind specified in the AML/CTF Rules; and

 (b) the service is not of a kind specified in the AML/CTF Rules; and

 (c) the requirements (if any) specified in the AML/CTF Rules are met.

Note 1: Item 48 of table 1 covers guaranteeing a loan, where the guarantee is given in the course of carrying on a business of guaranteeing loans.

Note 2: Item 49 of table 1 covers making a payment, in the capacity of guarantor of a loan, to the lender, where the guarantee was given in the course of carrying on a business of guaranteeing loans.