Glossary

A person who:

• sells insurance
• acts as an agent for one or more insurers
• acts as an agent of people seeking insurance
• is an insurance broker.

See

FTR Act 1988 Part 1(3) Interpretation

An instruction to transfer funds or property to either:

• Australia from another country
• another country from Australia. 

There are two types of IFTIs.

An IFTI-E is an electronic funds transfer instruction (EFTI) which is sent to or received from another country.

An IFTI-DRA is an instruction to transfer money or property to or from another country under a designated remittance arrangement (DRA) where either:

• the entity accepting the instruction from the customer or
• the entity making the money or property available

is not a financial institution.

See

AML/CTF Act 2006 section 46

Individuals who have the ability to influence business decisions over the entity’s finances and operations. The legal meaning of ‘key personnel’ depends on the type of entity as defined in the AML/CTF Rules.

See

AML/CTF Rules 2007 chapter 27.2 (9)

Turning the proceeds of crime into funds or assets that seem legitimate.

See

AML/CTF Act 2006 section 5

Criminal Code 1995 Division 400

The financial institution that accepts an instruction from a customer to transfer money electronically to a beneficiary institution so that it reaches the intended recipient.

See

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

The place where an entity carries on any activity or business in Australia or another country. You operate at or through a permanent establishment in a country if you or your agent: 

• have physical offices or business premises in that country
• carry on your business in that country (even without a physical office).

See

AML/CTF Act 2006 section 21

Australian or foreign money (coin and notes) that is designated legal tender.

See

AML/CTF Act 2006 section 5

An entity that allows affiliates to use its brand, products, platforms or systems to provide remittance services to customers.

See

AML/CTF Act 2006 section 75(C)

An entity that accepts instructions from customers to transfer money or property to a recipient. Also commonly known as a ‘money transfer business’. This does not include a business operating as a financial institution such as a bank or credit union.

A ‘registered remittance service provider’ is registered with AUSTRAC. It is against the law to provide remittance services in Australia without being registered.

An entity that provides any designated services listed under section 6 of the AML/CTF Act. These entities generally provide financial, gambling, bullion or digital currency exchange services. All reporting entities must meet obligations under the AML/CTF Act.

See

AML/CTF Act 2006 section 5