What are the designated services relating to superannuation and approved deposit funds?
This section discusses superannuation and approved deposit funds in the context of items 40-42 in table 1 of the AML/CTF Act. A superannuation fund provider or an approved deposit fund provider provides a designated service when it pays a pension, annuity or lump sum, or accepts a contribution, roll-over or transfer for a new or existing member of the fund. An FHSA provider or RSA provider provides a designated service by accepting a contribution, roll-over or transfer to an FHSA or RSA, or by cashing all or part of an account in its capacity as an FHSA provider or RSA provider. The designated services set out at items 42 and 43 are expressed as services provided ‘in the capacity of a trustee of a superannuation fund’. This means that the AML/CTF obligations lie with the trustee. The obligations under items 43A, 43B, 44 and 45 rest with the FHSA provider or the RSA provider.
Related Questions
- How will Intended Parents know that the funds contributed on deposit to the designated member services claims account have been correctly appropriated and being held by the Plan Administrator?
- How to deposit funds using MONEYMART, CASHMONEY or UNICASH services?
- What are superannuation and approved deposit funds?
