Document ID: chunk:federal_register_of_legislation:C2024A00110:clause:1_18
Version: federal_register_of_legislation:C2024A00110
Segment Type: clause
Provision Reference: sch 1 cl 18
Character Range: 15091–16214

18  After subsection 6(6)
Insert:

Designated services provided within business groups
 (6A) Despite anything in this section, a service is not a designated service if:
 (a) any of the following apply:
 (i) a member of a business group provides the service to another member of the business group;
 (ii) the service is of a kind described in item 48 of table 1 and the guarantor and borrower are members of the same business group;
 (iii) the service is of a kind described in item 49 of table 1 and the guarantor and borrower are members of the same business group;
 (iv) the service is of a kind specified in the AML/CTF Rules; and
 (b) the service is not of a kind specified in the AML/CTF Rules; and
 (c) the requirements (if any) specified in the AML/CTF Rules are met.
Note 1: Item 48 of table 1 covers guaranteeing a loan, where the guarantee is given in the course of carrying on a business of guaranteeing loans.
Note 2: Item 49 of table 1 covers making a payment, in the capacity of guarantor of a loan, to the lender, where the guarantee was given in the course of carrying on a business of guaranteeing loans.