Part 4Transitional provisions

Part 4—Transitional provisions

11  Delayed application of certain provisions of this Act

(1) The following provisions of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 do not apply, until 1 July 2026, to a reporting entity in its capacity as an entity that provides a designated service covered by item 2 of table 2, or an item of table 5 or 6, in section 6 of that Act:

 (a) Part 1A (which deals with AML/CTF programs);

 (b) Part 2 (which deals with customer due diligence);

 (c) Part 3 (which deals with reporting obligations);

 (d) Divisions 2 to 6 of Part 10 (which deal with record keeping).

(2) Subject to anything else in this Act or in rules made under Schedule 12 to this Act (which deals with transitional rules), the remaining provisions of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 apply, on and after the commencement of this item, to such a reporting entity.

12  Application provision—timing of enrolment

(1) This item applies to a person if:

 (a) the person provides, or commences to provide, a designated service covered by item 2 of table 2, or an item of table 5 or 6, in section 6 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 at any time before 1 July 2026; and

 (b) the person does not, as at that time, provide, or commence to provide, any other designated services.

(2) Subsection 51B(1) of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 applies to the person, in relation to the designated service referred to in paragraph (1)(a) of this item, as if the reference in that subsection to 28 days after the day on which the person commences to provide the designated service were a reference to 29 July 2026.