Contents
13 class exemptions under the Anti-Money Laundering and Countering Financing of Terrorism (Class Exemptions) Notice 2018 (Class Exemptions Notice), due to expire on 31 December 2024, have been renewed for a further two years.
Existing class exemptions for specified tax pooling transactions (Part 14) and barristers sole (Part 15), which are not due to expire until 1 July 2025, have also been extended to 31 December 2026.
The extended exemptions include those for reporting entities whose customers are licensed managing intermediaries (LMIs) and specified managing intermediaries (SMIs), although any remaining class exemptions for non-bank operators of money or value transfer services in respect of SMI customers will expire as scheduled on 31 December 2024.
With this extension, the Class Exemptions Notice keeps in place many of the existing class exemptions relied on by reporting entities to minimise unnecessary compliance burdens. These exemptions and others prescribed under the AML/CFT (Definitions) Regulations 2011 and the AML/CFT (Exemptions) Regulations 2011, assist businesses in navigating the uncertain, changing AML/CFT regime.
The extension gives the Ministry of Justice additional time for continuing to progress its review of the AML/CFT laws and the associated ministerial exemptions.
Please get in touch with one of our experts if you would like more information about the class exemptions under the AML/CFT regime.
