100Geographical links

#### 100 Geographical links A financial institution is not subject to a requirement under this Part in connection with a correspondent banking relationship the financial institution has, or proposes to have, with another person unless: (a) the financial institution carries on an activity or business at or through a permanent establishment of the financial institution in Australia; or (b) both: (i) the financial institution is a resident of Australia; and (ii) the financial institution carries on an activity or business at or through a permanent establishment of the financial institution in a foreign country; or (c) both: (i) the financial institution is a subsidiary of a company that is a resident of Australia; and (ii) the financial institution carries on an activity or business at or through a permanent establishment of the financial institution in a foreign country. > Note: For resident, see section 14.