What is meant by account?
The term ‘account’ is defined in section 5 of the AML/CTF Act as including: a) a credit card account; b) a loan account (other than a credit card account); and c) an account of money held in the form of units in: i. a cash management trust; or ii. a trust of a kind prescribed by the AML/CTF Rules. To avoid doubt, it is immaterial whether: d) an account has a nil balance; or e) any transactions have been allowed in relation to an account. Betting account services are set out in table 3 of section 6 of the Act and are discussed in a separate section of this chapter.
