PART II –TRANSACTIONS UNDERTAKEN BY MEMBERS OF A RELEVANT PROFESSION OR OCCUPATION

The members of a relevant profession or occupation shall comply with this Act or any regulations made or any guidelines issued under this Act, in the following situations –

1. a person licensed, under the Gambling Regulatory Authority Act, to operate a casino, hotel casino, limited payout machine, sweepstake, gaming house, gaming machine, where any of his customers engages in, on any given date, a total cumulative financial transaction equal to or above 20,000 rupees or an equivalent amount in foreign currency;
2. a totalisator, a bookmaker, a local pool promoter, the agent of a foreign pool promoter and pool collector, under the Gambling Regulatory Authority Act, where any of his customers engages in, on any given date, a total cumulative financial transaction equal to or above 20,000 rupees or an equivalent amount in foreign currency;
3. a real estate agent where he is involved in real estate transactions concerning the sale, exchange, purchase or lease of real estate for a client;
   • a land promoter and property developer who, in the course of a business, is involved in real estate transactions concerning the sale, exchange, purchase or lease of real estate;
4. a dealer in jewellery, precious stones or precious metals who engages in any transaction of at least 500,000 rupees in total, whether the transaction is executed in a single operation
   or in several operations which appear to be linked;
5. a barrister, an attorney, a notary, a law firm, a foreign law firm, a joint law venture, a foreign lawyer under the Law Practitioners Act, and a professional accountant, a public accountant and a member firm licensed under the Financial Reporting Act, who prepares for, or carries out, transactions for his client concerning the following activities –
   • buying, selling or rental of real estate;
   • managing of client money, securities or other assets;
   • management of bank, savings or securities accounts;
   • organisation of contributions for the creation, operation or management of legal persons such as a company, a foundation, a limited liability partnership or such other entity as may be prescribed;
   • creating, operating or management of legal persons such as a company, a foundation, an association, a limited liability partnership or such other entity as may be prescribed, or legal arrangements, and buying and selling of business entities;
   • the business activities of virtual asset service providers and issuers of initial token offerings under the Virtual Asset and Initial Token Offering Services Act 2021; or any activity for a client specified in item (6);
6. a company service provider who prepares, or carries out, transactions for a client concerning the following activities –

• • acting as a formation agent of a legal person with a view to assisting another person to incorporate, register or set up, as the case may be, a company, a foundation, a limited liability partnership or such other entity as may be prescribed;
  • acting, or causing another person to act, as a director, as a secretary, as a partner or in any other similar position, as the case may be, of a legal person such as a company, foundation, a limited liability partnership or such other entity as may be prescribed;
  • providing a registered office, a business address or an accommodation, a correspondence or an administrative address for a legal person such as a company, a foundation, a limited liability partnership or such other entity as may be prescribed; or
  • acting, or causing for another person to act, as a nominee shareholder for another person.