Section 12: Company Service Registrar of

12. Company Service Registrar of Provider Companies (ii) by repealing Part II and replacing it by the following Part – 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 – (a) 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 financial transactions equal to or above 100,000 rupees or an equivalent amount in foreign currency; (b) 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 financial transactions 186 Acts 2019 equal to or above 100,000 rupees or an equivalent amount in foreign currency; (c) an agent in land and building or an estate agency, a land promoter and property developer under the Local Government Act, where he is involved in transactions for a client, with respect to both the purchaser and the vendor, concerning the buying and selling of real estate; (d) a dealer, under the Jewellery Act, who engages in any cash 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; (e) 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 and licensed auditor under the Financial Reporting Act, who prepares for, or carries out, transactions for his client concerning the following activities – (i) buying and selling of real estate; (ii) managing of client money, securities or other assets; (iii) management of bank, savings or securities accounts; (iv) 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; (v) 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; or (vi) any activity specified in item (f); Acts 2019 187 (f) a company service provider who prepares, or carries out, transactions for a client concerning the following activities – (i) 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; (ii) 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; (iii) 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 (iv) acting, or causing for another person to act, as a nominee shareholder for an er 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; (iii) 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 (iv) acting, or causing for another person to act, as a nominee shareholder for another person.