A registered remittance service provider who has an agreement with a remittance network provider to use that network’s brand, products, platforms or systems to provide the remittance service. 

Under the agreement the affiliate accepts instructions from customers to send funds to a recipient in another location, and accepts instructions to make funds available to a beneficiary.

See

AML/CTF Act 2006 section 5 – Definitions: registered remittance affiliate, registered remittance network provider

AML/CTF Act 2006 item 32A of Table 1 of section 6 – Designated services

An AML/CTF program includes an ML/TF risk assessment and AML/CTF policies. 

Reporting entities must have and comply with an AML/CTF program.

See

AML/CTF Act 2006 Part 1A

An Australian government body includes:

• the Commonwealth, a state or a territory of Australia
• an agency or authority of the Commonwealth, a state or a territory of Australia.

See

AML/CTF Act 2006 section 5

A financial institution licensed by the Australian Prudential Regulatory Authority (APRA) to carry on banking business, including accepting deposits from the public. This includes:

• banks
• building societies,
• credit unions.

Under the AML/CTF Act, the Reserve Bank of Australia and state banks are also ADIs.

See

AML/CTF Act 2006 Section 5

Any of the following:

• bill of exchange
• cheque
• promissory note
• bearer bond
• traveller’s cheque
• money order, postal order or similar order
• negotiable instrument not covered by one of the types above.

BNIs often include the instruction 'pay to the bearer'. The bearer is the person in physical possession of the BNI.

See

AML/CTF Act 2006 Section 17

A beneficial owner of a person (other than an individual) means an individual who does any of the following:

• ultimately owns (either directly or indirectly) 25% or more of the person
• controls (directly or indirectly) the person.

In relation to a transfer of value,  a beneficiary institution makes transferred value available to a payee in the course of carrying on a business.

See

AML/CTF Act 2006 subsections 8(1), 8(2), 9(1), and 9(2)

Travel rule overview

Bullion means gold, silver, platinum or palladium that is all of the following:

• is in the form of bars, coins, ingots, plates, wafers or similar forms
• bears a mark or characteristic generally accepted to identify and guarantee its fineness and quality
• is usually traded at the market (spot) price of the gold, silver, platinum or palladium.

See

AML/CTF Act 2006 Section 5

A group of two or more related bodies corporate. Two bodies corporate are related if any of the following are true:

• one is a holding company of the other
• one is a subsidiary of the other
• one is a subsidiary of a holding company of the other.

Each is a separate legal entity with limited liability.

See

AML/CTF Rules – section 1-4 Definitions

Corporations Act 2001 section 50

Reporting groups have replaced the concept of designated business groups.

See Reporting groups