What is a designated service?

What is a designated service?

Designated services include a range of business activities in the financial services, bullion, gambling and digital currency exchange sectors. Entities that provide any of these services are reporting entities. Reporting entities have obligations under the AML/CTF Act.

What is delegated legislation in Australia?

Delegated legislation. Delegated (also known as subordinate) legislation is legislation made not directly by an Act of the Parliament, but under the authority of an Act of the Parliament. Parliament has regularly and extensively delegated to the Executive Government limited power to make certain regulations under Acts.

What is a subordinate authority?

Subordinate authority means any Court or authority whose orders or proceedings are subject to appeal or revision to the Tribunal under any law for the time being in force; ＋ New List.

What does AML CTF mean?

AML/CTF Act. The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) is the main piece of Australian government legislation that regulates AUSTRAC's functions.