Glossary

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.

See

AML/CTF Act 2006 section 75C 

A document that sets out how a reporting entity meets their AML/CTF compliance obligations.

See

AML/CTF Act 2006 section 83

Any government, agency or authority of the Commonwealth of Australia or a state or 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.

For AUSTRAC's purposes, the Reserve Bank of Australia and state banks are also ADIs.

See

AML/CTF Act 2006 Section 5

A non-cash form of money such as a cheque, bill of exchange, promissory note, traveller’s cheque, bearer bond, money order or postal order. 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

An individual who owns 25% or more of, or otherwise controls the business of, an entity (such as a trust, an association or a company). Ownership and control may be direct (such as through shares) or indirect (such as shares held by a third party on the individual’s behalf). ‘Control’ means having the ability to determine decisions about the entity’s financial and operating policies.

See

AML/CTF Rules 2007 chapter 1, part 1.2

A financial institution that receives an electronic funds transfer instruction and makes the transferred funds available to the recipient.

See

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

Gold, silver, platinum or palladium authenticated to a specified fineness. It comes in the form of bars, ingots, plates, wafers or similar forms, or in coins. It is used for trading.

See

AML/CTF Act 2006 Section 5

A document certified as a true copy of an original document by someone authorised to do so. To see a list of people who are authorised to certify a copy, see chapter 1, part 1.2 of the AML/CTF Rules.

See

AML/CTF Rules 2007 chapter 1, part 1.2

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 Act 2006 section 123 (12)

Corporations Act 2001 section 50