List of recommendations

Recommendation 1

2.114The committee recommends that the bill be amended to move the commencement of the ‘tipping off’ offence to 31 March 2025.

Recommendation 2

2.118The committee recommends that the bill be amended to include a note that reflects the policy intent for the AML/CTF regime to not capture barristers acting on the instructions of a solicitor.

Recommendation 3

2.120The committee recommends the bill be amended to ensure entities providing custodial, depository or safe deposit box services without associated transaction elements are not unintentionally captured by the AML/CTF regime.

Recommendation 4

2.122The committee recommends that the bill be amended to ensure uniform exemptions for item 54 entities from governing body requirements.

Recommendation 5

2.125The committee recommends that the bill be amended to move the criteria for ordering institutions and beneficiary institutions to the AML/CTF Rules to increase flexibility and allow for further consultation with industry.

Recommendation 6

2.128The committee recommends that the bill be amended to ensure that where a civil penalty is being considered, there is a clear connection to the customer that should have been subject to customer due diligence, by amending s28 and s30 to read ‘the customer’ instead of ‘a customer’.

Recommendation 7

2.129The committee recommends the bill be amended to ensure that where a reporting entity has previously provided delayed verification in a defective way, it can provide a designated service to a customer once any non-compliance has been remedied.

Recommendation 8

2.131The committee recommends the bill be passed, subject to the above amendments.