What the official record says
This Act is the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act . This Act comes into force on the day after Royal assent. This Part amends the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. In section 5(1), replace the definition of with: — means the individual who— has effective control of a customer or person on whose behalf a transaction is conducted; or owns a prescribed threshold of the customer or person on whose behalf a transaction is conducted; and includes an individual— with ultimate ownership or control of the customer, whether directly or indirectly; or who is a customer of a customer, and on whose behalf the transaction is conducted, but only if the individual meets the requirement set out in In section 5(1), definition of ,—