Commonwealth Consolidated Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 8

Multiple - institution person - to - person electronic funds transfer instruction

  (1)   For the purposes of this Act, if:

  (a)   a person (the payer ) instructs a person (the ordering institution ) to transfer money controlled by the payer to a third person (the payee ) on the basis that the transferred money will be made available to the payee by:

  (i)   being credited to an account held by the payee with a fourth person (the beneficiary institution ); or

  (ii)   being paid to the payee by a fourth person (the beneficiary institution ); and

  (b)   either:

  (i)   the transfer is to be carried out wholly or partly by means of one or more electronic communications; or

  (ii)   the transfer instruction is to be passed on wholly or partly by means of one or more electronic communications; and

  (c)   the ordering institution is:

  (i)   an ADI; or

  (ii)   a bank; or

  (iii)   a building society; or

  (iv)   a credit union; or

  (v)   a person specified in the AML/CTF Rules; and

  (d)   the beneficiary institution is:

  (i)   an ADI; or

  (ii)   a bank; or

  (iii)   a building society; or

  (iv)   a credit union; or

  (v)   a person specified in the AML/CTF Rules;

then:

  (e)   the instruction is a multiple - institution person - to - person electronic funds transfer instruction ; and

  (f)   if there are one or more persons interposed between the ordering institution and the beneficiary institution--disregard those interposed persons in working out the identities of the following:

  (i)   the payer;

  (ii)   the ordering institution;

  (iii)   the payee;

  (iv)   the beneficiary institution.

Note:   Transfer has an extended meaning--see section   5.

Same - institution person - to - person electronic funds transfer instruction

  (2)   For the purposes of this Act, if:

  (a)   a person (the payer ) instructs a person (the ordering institution ) to transfer money controlled by the payer to a third person (the payee ) on the basis that the transferred money will be made available to the payee by:

  (i)   being credited to an account held by the payee with the ordering institution; or

  (ii)   being paid to the payee by the ordering institution; and

  (b)   the transfer is to be carried out wholly or partly by means of one or more electronic communications; and

  (c)   the ordering institution is:

  (i)   an ADI; or

  (ii)   a bank; or

  (iii)   a building society; or

  (iv)   a credit union; or

  (v)   a person specified in the AML/CTF Rules;

then:

  (d)   the instruction is a same - institution person - to - person electronic funds transfer instruction ; and

  (e)   for the purposes of the application of this Act to making the money available to the payee, the ordering institution may also be known as the beneficiary institution .

Note:   Transfer has an extended meaning--see section   5.