Internal Affairs updates DBG Formation and Change guidance
The Department of Internal Affairs says it has updated the Designated Business Group (DBG) Formation and Change guidance document with some minor procedural updates.
The guidance is designed to help reporting entities forming a designated business group and to understand the process for doing so. Entities may form a DBG if they are eligible to do so under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 and associated regulations.
The guideline highlights the eligibility criteria and election process; and explains the process for notifying an AML/CFT supervisor of the formation of a DBG, any addition or withdrawal of a member, or any change in details.
The department says the primary change to the guidance document is that there is now just one form to be used for either forming a new DBG or making any changes to an existing DBG. It also clarifies that DIA reporting entities can use AML Online in place of the form.
Last updated on the 19th March 2020