Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024

Whether a person is an ordering institution is to be determined in accordance with the AML/CTF Rules.

Without limiting subsection (1), AML/CTF Rules made for the purposes of that subsection may specify the following:

criteria or other requirements that a person must satisfy to be an ordering institution;

circumstances in which a person is an ordering institution.

However, none of the following persons are an ordering institution:

a person who transfers value in circumstances where the transfer is reasonably incidental to the provision of another service unless:

the person is a financial institution; or

the person is providing an international value transfer service incidentally to a designated service covered by item 50, 50A or 50B of table 1 in section 6; or

the person is providing an international value transfer service incidentally to a designated service covered by table 3 in section 6;

a person specified in the AML/CTF Rules.

Whether a person is a beneficiary institution is to be determined in accordance with the AML/CTF Rules.

Without limiting subsection (5), AML/CTF Rules made for the purposes of that subsection may specify the following:

criteria or other requirements that a person must satisfy to be a beneficiary institution;

circumstances in which a person is a beneficiary institution.

However, none of the following persons are a beneficiary institution:

a person who makes value available in circumstances where the making available of the value is reasonably incidental to the provision of another service unless:

the person is a financial institution;

the person is providing an international value transfer service incidentally to a designated service covered by item 50, 50A or 50B of table 1 in section 6;

the person is providing an international value transfer service incidentally to a designated service covered by table 3 in section 6;

a person specified in the AML/CTF Rules.

A person is an intermediary institution if the person:

in the course of carrying on a business, receives and passes on a transfer message for a transfer of value in a value transfer chain; or

is specified in the AML/CTF Rules.

However, none of the following persons are an intermediary institution:

a person who solely provides the infrastructure that permits persons to send transfer messages for a transfer of value to another person in the value transfer chain;

a person who is specified in the AML/CTF Rules.

The following persons are taken to form a value transfer chain:

the ordering institution;

each intermediary institution (if any) between the ordering institution and the beneficiary institution;

the beneficiary institution.

Each person in a value transfer chain is an institution.

For the purposes of this Act:

the payer and the payee in relation to a transfer of value may be the same person; and

the ordering institution and the beneficiary institution in relation to a transfer of value may be the same person.