67AExemption—escrow services

67A  Exemption—escrow services

 (1) This section applies to a person if:

 (a) the person is any of the following:

 (i) a qualified accountant;

 (ii) a reporting entity that uses qualified accountants to supply professional accounting services;

 (iii) a legal practitioner (however described);

 (iv) a reporting entity that uses legal practitioners (however described) to supply professional legal services; and

 (b) the person provides a designated service covered by item 3 of table 6 in section 6 for the purposes of an escrow agreement.

 (2) Despite section 6, the designated service provided by the person, to the extent that it is provided for the purposes of the escrow agreement, is not also a designated service covered by item 29 or 30 of table 1 in that section.

24  Subsection 68(1)

Omit “or 3”.

25  Sections 69 to 72

Repeal the sections.

26  Section 73

Omit “designated” (wherever occurring).

27  Subsection 74(1A) (heading)

28  Subsections 74(1A)

29  Subsection 74(1B) (heading)

30  Subsections 74(1B)

31  Division 4 of Part 10

Repeal the Division.

32  Section 118

Omit “115,” (wherever occurring).

33  Subsection 184(4) (after paragraph (fb) of the definition of designated infringement notice provision)

 (ff) subsections 64(2), (3) and (5) (which deal with obligations of ordering institutions relating to transfers of value);

 (fg) subsections 66(4) and (5) (which deal with obligations of intermediary institutions relating to transfers of value);

 (fh) subsections 66A(4) and (7) (which deal with obligations of ordering and beneficiary institutions relating to virtual asset transfers);

Part 2—International value transfer services

34  Section 4

Omit “international funds transfer instructions”, substitute “information about international value transfer services”.

35  Section 5 (definition of international funds transfer instruction)

36  Section 5

international value transfer service has the meaning given by section 45.

37  Section 40

         If a person sends or receives an international funds transfer instruction, the person must give the AUSTRAC CEO a report about the instruction.

         If a person provides an international value transfer service, the person must give the AUSTRAC CEO a report about the provision of the service.