Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p15
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 39637–42969

in accordance with the AML/CTF Rules if                             it is made on the approved election form and provided to AUSTRAC                             by the Nominated Contact Officer;

 (2) a 'designated business group' is established when the approved form is                             provided to the AUSTRAC CEO by the Nominated Contact Officer or                            on such later date as is specified on that form; and

 (3) the members of a designated business group must, by their Nominated                            Contact Officer, notify the AUSTRAC CEO, in writing, in the                                           approved form, of any of the following:

  (a)  a withdrawal of a member from the designated business group;                                           or

  (b)  an election of a new member; or

  (c)  the termination of the designated business group; or

  (d)  any other change in the details previously notified to the                                            AUSTRAC CEO in respect of the Nominated Contact Officer                                           or the designated business group;

  no later than 14 business days from the date on which the withdrawal,                             election of the new member, termination or change takes effect.

 (4) each member of the designated business group must be:

              (a) related to each other member of the group within the meaning of section 50 of the Corporations Act 2001; and either

              (i) a reporting entity; or

                  (ii) a company in a foreign country which if it were resident in Australia would be a reporting entity; or

              (b) providing a designated service pursuant to a joint venture agreement, to which each member of the group is a party; or

              (c) able to satisfy the following conditions:

         be

                  (i) an accounting practice; or

                  (ii) a person, other than an individual, which the accounting practice in (i) controls; or

                  (iii) an accounting practice which is providing a designated service pursuant to a joint venture agreement, to which each member of the group is a party; or

                  (iv) a person that provides or assists in the provision of a designated service to the customers of the accounting practice;

                  and either:

                  (v) a reporting entity; or

                  (vi) an entity in a foreign country which, if it were resident in Australia would be a reporting entity; or

              (d) able to satisfy the following conditions:

         be

                  (i) a law practice; or

                  (ii) a person, other than an individual, which the law practice in (i) controls; or

                  (iii) a law practice which is providing a designated service pursuant to a joint venture agreement, to which each member of the group is a party; or

                  (iv) a person that provides or assists in the provision of a designated service to the customers of the law practice;

                  and either:

                  (v) a reporting entity; or

                  (vi) an entity in a foreign country which, if it were resident in Australia would be a reporting entity; or

              (e)