What is a designated service?
The AML/CTF Act regulates the provision of the following designated wealth management services: • Acting as an agent for the acquisition or disposal of securities or derivatives • Issuing or selling a security or derivative (ie managed investment scheme). • Accepting payment for the establishment of a new pension or annuity. • Making a payment to a person under a pension or annuity. • Accepting a contribution, roll over or transfer into a superannuation fund (other than SMSF). • Cashing the whole or a part of an interest in a superannuation fund (other than SMSF). • Providing a custodial service. • Making arrangements for a person to receive a designated service as an AFSL holder.
