After subsection 18(1)
94 After subsection 18(1)
Insert:
Subparagraphs (1)(a)(i) and (b)(i) do not apply if the account is opened after the commencement of Division 1 of Part 2 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 in circumstances that amount to the provision of a designated service.
Subparagraphs (1)(a)(ii) and (b)(ii) do not apply if:
the person becomes a signatory of the account after the commencement of Division 1 of Part 2 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; and
either:
the account is opened after the commencement of Division 1 of Part 2 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 in circumstances that amount to the provision of a designated service; or
the account was opened before the commencement of that Division in circumstances that would have amounted to the provision of a designated service if all the provisions of Parts 1 and 2 of that Act had been in force at the relevant time.
The statute text is free to read above. View Pro plans to unlock the case-law research tools for each provision.