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Fewer group companies excluded from AML/CTPF Act 2/37/21

Companies often provide various intragroup services for optimisation purposes. Whether such companies are governed by the Anti Money Laundering and Counter Terrorism and Proliferation Financing Act (the “Act”) is a question that has always come under a great deal of scrutiny. Effective from 12 July 2021, section 3 of the Act contains subsection 6, which prescribes exclusions and answers questions that group companies tend to ask when assessing whether they are governed by the Act. This article explores how intragroup services qualify for statutory exclusions.

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