Key terms relating to reporting groups
10A Key terms relating to reporting groups
Reporting group
A reporting group is:
a business group, where:
at least one person in the group provides a designated service; and
each member of the group satisfies such conditions (if any) as are specified in the AML/CTF Rules; and
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
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
a group of 2 or more persons, where:
each member of the group has elected, in writing, to be a member of the group, and the election is in force; and
each election was made in accordance with the AML/CTF Rules; and
no member of the group is a member of another group to which this paragraph applies; and
each member of the group satisfies such conditions (if any) as are specified in the AML/CTF Rules; and
the group is not of a kind that, under the AML/CTF Rules, is ineligible to be a reporting group; and
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.
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.
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.
Subparagraph (1)(b)(iii) does not apply in the circumstances specified in the AML/CTF Rules.
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
A business group is a group of 2 or more persons, where either of the following paragraphs applies:
one person in the group controls each other person in the group;
the group meets the requirements (if any) specified in the AML/CTF Rules.
Members of reporting groups and business groups
Each person in a reporting group or a business group is a member of that group.
Lead entity of a reporting group
The lead entity of a reporting group means the person in the group that is specified in the AML/CTF Rules as the lead entity for the reporting group.
The lead entity of a reporting group is a reporting entity, see the definition of reporting entity in section 5.
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