Financial Transactions Reporting (Interpretation) Regulations 1997

  • revoked
  • Financial Transactions Reporting (Interpretation) Regulations 1997: revoked, on 17 October 2009, by section 161(3) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (2009 No 35).
2 Term deposit account deemed not to be facility

  • (1) For the purposes of this regulation, a term deposit account is an account or arrangement—

    • (a) that is provided by a financial institution; and

    • (b) under which a fixed sum is or may be placed on deposit for a fixed term, whether or not all or part of the fixed sum is able to be withdrawn before the fixed term expires.

    (2) For the purposes of the Financial Transactions Reporting Act 1996, a term deposit account is deemed not to be a facility.