AML/CTF Amendment Act 2024 – New definitions applicable from 7th January 2025.

As of 7th January, 2025 there are new definitions for:

Credit Card
Debit Card
Derivative
Issue
Loan
Money
Qualified Accountant
Security

Credit card

Credit card is a thing (whether real or virtual) that is one or more of the following:
(a) a thing of a kind commonly known as a credit card;
(b) a similar thing intended for use by a person in obtaining access to an account that is held by the person for the purpose of obtaining money, goods or services on credit;
(c) a thing of a kind that persons carrying on business commonly issue to their customers, or prospective customers, for use in obtaining goods or services from those persons on credit;
(d) a thing that may be used as a thing referred to in paragraph (a), (b) or (c).

Debit card

debit card means:
(a) a thing (whether real or virtual) that is intended for use by a person in obtaining access to an account that is held by the person for the purpose of withdrawing or depositing physical currency or obtaining goods or services; or
(b) a thing (whether real or virtual) that may be used as a thing referred to in paragraph (a).

“Thing” is not defined, so it has its ordinary meaning.

“Thingamajig” or “thingamajiggy” are also not defined.

Loan includes:
(a) an advance of money; and
(b) the provision of credit or any other form of financial accommodation; and
(c) the payment of an amount for, on account of, on behalf of or at the request of a person where there is an obligation (whether expressed or implied) to repay the amount; and
(d) a transaction (whatever its terms or form) which in substance effects a loan of money;
but does not include:
(e) if goods are sold on credit— the provision by the seller of that credit; or
(f) if services are provided on credit— the provision by the provider of the service of that credit; or
(g) anything that, under the AML/CTF Rules, is taken not to be a loan for the purposes of this Act.

Money includes:
(a) physical currency; and
(b) money held in an account, whether denominated in Australian currency or any other currency; and
(c) money held on deposit, whether denominated in Australian currency or any other currency; and
(d) a digital representation of value:
(i) that is issued by or under the authority of a government body; and
(ii) that is intended to function as money.
Example: Central bank digital currency.

Qualified accountant means a person who is a member of:
(a) CPA Australia; or
(b) Chartered Accountants Australia and New Zealand; or
(ba) the Institute of Public Accountants; or
(c) a body specified in the AML/CTF Rules.