5Definitions

#### 5 Definitions In this Act: > account includes: (a) an account which has a nil balance; and (b) an account in relation to which no transactions have been allowed. > account provider: if an account is with a person, the person is the account provider for the account. > acquiring: in determining whether something is a designated service, acquiring includes anything that, under the regulations, is taken to be acquiring for the purposes of this definition. > ADI (short for authorised deposit‑taking institution) means: (a) a body corporate that is an ADI for the purposes of the Banking Act 1959; or (b) the Reserve Bank of Australia; or (c) a person who carries on State banking within the meaning of paragraph 51(xiii) of the Constitution. > administrative action: see subsection 228A(9). > AFP member (short for Australian Federal Police member) means a member or special member of the Australian Federal Police. > agency: (a) a Department of the Commonwealth is taken to be an agency of the Commonwealth for the purposes of this Act; (b) a Department of a State is taken to be an agency of the State for the purposes of this Act; (c) a Department of a Territory is taken to be an agency of the Territory for the purposes of this Act. > allowing a transaction: in determining whether a person has allowed a transaction, it is immaterial whether the person was obliged to allow the transaction. > AML/CTF compliance officer for a reporting entity means the individual designated as the AML/CTF compliance officer for the reporting entity under subsection 26J(1). > AML/CTF policies of a reporting entity: (a) means the policies, procedures, systems and controls of the reporting entity developed under section 26F; and (b) if the policies, procedures, systems and controls of the reporting entity are updated—includes the policies, procedures, systems and controls as updated. > AML/CTF program: see section 26B. > AML/CTF Rules (short for Anti‑Money Laundering/Counter‑Terrorism Financing Rules) means the rules made under section 229. > approved means approved by the AUSTRAC CEO, in writing, for the purposes of the provision in which the term occurs. > Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901. > approved deposit fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993. > approved third‑party bill payment system means a bill payment system prescribed by the AML/CTF Rules. > arrangement includes: (a) any agreement, arrangement, understanding, promise or undertaking, whether express or implied, and whether or not enforceable, or intended to be enforceable, by legal proceedings; and (b) any scheme, plan, proposal, action, course of action or course of conduct, whether unilateral or otherwise. > assessment, in relation to an individual, means an assessment prepared or provided by a credit reporting body under paragraph 35B(1)(a) in relation to the individual. > AUSTRAC means the Australian Transaction Reports and Analysis Centre continued in existence by section 209. > AUSTRAC CEO means the Chief Executive Officer of AUSTRAC. > AUSTRAC entrusted person means: (a) the AUSTRAC CEO; or (b) a member of the staff of AUSTRAC; or (c) a person engaged as a consultant under subsection 225(1); or (d) a person whose services are made available to the AUSTRAC CEO under subsection 225(3); or (e) a member of a task force established by the AUSTRAC CEO under paragraph 212(1)(db); or (f) the Director of AUSTRAC; or (g) a person engaged as a consultant under section 40A of the repealed Financial Transaction Reports Act 1988. > Note: The former office of Director of AUSTRAC was established under the repealed Financial Transaction Reports Act 1988. > AUSTRAC information means the following: (a) information obtained by, or generated by, an AUSTRAC entrusted person under or for the purposes of this Act; (b) information obtained by an AUSTRAC entrusted person under or for the purposes of any other law of the Commonwealth or a law of a State or a Territory; (c) information obtained by an AUSTRAC entrusted person from a government body; (d) FTR information (within the meaning of the Financial Transaction Reports Act 1988, as in force immediately before its repeal). > Australia, when used in a geographical sense, includes the external Territories. > Australian account means an account held in Australia. > Australian Border Force has the same meaning as in the Australian Border Force Act 2015. > Australian carbon credit unit has the same meaning as in the Carbon Credits (Carbon Farming Initiative) Act 2011. > Australian financial services licence has the same meaning as in the Corporations Act 2001. > Australian government body means: (a) the Commonwealth, a State or a Territory; or (b) an agency or authority of: (i) the Commonwealth; or (ii) a State; or (iii) a Territory. > authorised officer means: (a) the AUSTRAC CEO; or (b) a person for whom an appointment as an authorised officer is in force under section 145. > bearer negotiable instrument has the meaning given by section 17. > beneficial owner of a person (other than an individual) means an individual who: (a) ultimately owns (either directly or indirectly) 25% or more of the person; or (b) controls (directly or indirectly) the person. > beneficiary institution: see subsections 63A(5) to (8). > bet includes wager. > betting instrument means a thing (whether real or virtual): (a) that represents monetary value or virtual asset; and (b) that is designed to be used for the purpose of, or for purposes which include: (i) placing or making a bet; or (ii) paying out winnings in respect of a bet; but does not include: (c) a gaming chip or token; or (d) a thing that, under the AML/CTF Rules, is taken not to be a betting instrument. > bill of exchange has the same meaning as in paragraph 51(xvi) of the Constitution, but does not include a cheque unless the cheque is a cheque that an ADI, bank or other institution draws on itself. > borrow has a meaning corresponding to loan. > building society includes a society registered or incorporated as a co‑operative housing society or similar society under: (a) a law of a State or Territory; or (b) a law of a foreign country or a part of a foreign country. > bullion means gold, silver, platinum or palladium that: (a) is in the form of a bar, coin, ingot, plate, wafer or like form of mass; and (b) bears a mark or characteristic generally accepted as identifying and guaranteeing the fineness and quality of the gold, silver, platinum or palladium; and (c) is usually traded at a price that is determined by reference to the spot price of the gold, silver, platinum or palladium. > business includes a venture or concern in trade or commerce, whether or not conducted on a regular, repetitive or continuous basis. > business day means a day other than a Saturday, a Sunday or a public or bank holiday in the place concerned. > business group: see subsection 10A(3). > business relationship means a relationship between a reporting entity and a customer involving the provision of a designated service or designated services that has, or could reasonably be expected to have, an element of duration. > casino means a casino operating under a licence granted under a law of a State or a Territory. > child: without limiting who is a child of another person for the purposes of this Act, each of the following is the child of a person: (a) a stepchild or an adopted child of the person; (b) someone who would be the stepchild of the person except that the person is not legally married to the person’s partner; (c) someone who is a child of the person within the meaning of the Family Law Act 1975. > civil penalty order means an order under section 175. > civil penalty provision means a provision declared by this Act to be a civil penalty provision. > commence to provide a designated service means: (a) if the designated service is provided at an instant of time—provide the service; or (b) if the designated service is provided over a period of time—begin to provide the service. > commercial goods carrier means a person who, in the normal course of a business, carries goods or mail for reward. > commercial passenger carrier means a person who, in the normal course of a business, carries passengers for reward. > Commonwealth place means: (a) a Commonwealth place within the meaning of the Commonwealth Places (Application of Laws) Act 1970; or (b) a place in a Territory, where the place is owned by the Commonwealth. > Commonwealth Royal Commission means a Royal Commission within the meaning of the Royal Commissions Act 1902. > Commonwealth, State or Territory agency means any of the following: (a) an agency, authority, body or organisation of the Commonwealth, a State or a Territory that has functions in relation to, or that is responsible for or deals with, law enforcement or investigation of corruption; (b) an agency, authority, body or organisation of the Commonwealth, a State or a Territory that has functions in relation to, or that is responsible for or deals with, criminal intelligence, security intelligence, foreign intelligence or financial intelligence; (c) an agency, authority, body or organisation of the Commonwealth, a State or a Territory that has functions in relation to the protection of the public revenue of the Commonwealth, a State or a Territory; (d) an agency, authority, body or organisation of the Commonwealth, a State or a Territory that has regulatory functions; (e) an agency, authority, body or organisation of the Commonwealth, a State or a Territory that has oversight functions under a law of the Commonwealth, a State or a Territory; (f) a Department of the Commonwealth; (g) a Commonwealth Royal Commission whose terms of reference include inquiry into whether unlawful conduct (however described) has, or might have, occurred; (h) a State/Territory Royal Commission: (i) whose terms of reference include inquiry into whether unlawful conduct (however described) has, or might have, occurred; and (ii) that is specified in the AML/CTF Rules; (i) any other agency, authority, body or organisation of the Commonwealth, a State or a Territory, being an agency, authority, body or organisation prescribed by the AML/CTF Rules; (j) a task force that: (i) is established by a Minister of the Commonwealth or of a State or Territory or established under a law of the Commonwealth, a State or a Territory; and (ii) has functions of a kind described in paragraph (a), (b), (c) or (d); (k) a person who holds an office or appointment under a law of the Commonwealth, a State or a Territory, being an office or appointment prescribed by the AML/CTF Rules. > company has the same meaning as in the Income Tax Assessment Act 1997. > Note: Under the Income Tax Assessment Act 1997, company includes an unincorporated association or body of persons. > compliance record of a reporting entity means: (a) a record that relates to the obligations under this Act, the regulations or the AML/CTF Rules of the reporting entity; or (b) a record, copy or extract retained under Part 10 by the reporting entity. > Comptroller‑General of Customs means the person who is the Comptroller‑General of Customs in accordance with subsection 11(3) or 14(2) of the Australian Border Force Act 2015. > constitutional corporation means a corporation to which paragraph 51(xx) of the Constitution applies. > contribution, in relation to an RSA, has the same meaning as in the Retirement Savings Accounts Act 1997. > control has the meaning given by section 11. > controller of an eligible gaming machine venue has the meaning given by section 13. > correspondent banking relationship means a relationship that involves the provision by a financial institution (the first financial institution) of banking services to another financial institution, where: (a) the first financial institution carries on an activity or business at or through a permanent establishment of the financial institution in a particular country; and (b) the other financial institution carries on an activity or business at or through a permanent establishment of the other financial institution in another country; and (c) the correspondent banking relationship relates, in whole or in part, to those permanent establishments; and (d) the relationship is not of a kind specified in the AML/CTF Rules; and (e) the banking services are not of a kind specified in the AML/CTF Rules. For this purpose, banking service includes anything that, under the AML/CTF Rules, is taken to be a banking service for the purposes of this definition. > Note: For geographical links, see section 100. > country means Australia or a foreign country. > credit card is a thing (whether real or virtual) that is one or more of the following: (a) a thing of a kind commonly known as a credit card; (b) a similar thing intended for use by a person in obtaining access to an account that is held by the person for the purpose of obtaining money, goods or services on credit; (c) a thing of a kind that persons carrying on business commonly issue to their customers, or prospective customers, for use in obtaining goods or services from those persons on credit; (d) a thing that may be used as a thing referred to in paragraph (a), (b) or (c). > credit card acquirer means a person who: (a) is a participant of a designated payment system under the Payment Systems (Regulation) Act 1998; and (b) pays, or accepts liability to pay, a merchant (either directly or through another person) for goods or services obtained, or to be obtained, by another person from the merchant in a credit card transaction. > credit card issuer means a person who: (a) is a participant of a designated payment system under the Payment Systems (Regulation) Act 1998; and (b) issues a credit card to a customer; and (c) either: (i) receives payment from the customer for amounts owed by the customer, under the terms governing the credit card, for credit card transactions; or (ii) pays, or accepts liability to pay, a credit card acquirer (either directly or through another person) for amounts paid or payable by the acquirer to a merchant for the customer’s credit card transactions. > credit reporting body has the same meaning as in the Privacy Act 1988. > custodial or depository service: see the definition of providing a custodial or depository service. > customer has the meaning given by section 6, and includes a prospective customer. > customs officer means an officer of Customs within the meaning of the Customs Act 1901. > damage, in relation to data, includes damage by erasure of data or addition of other data. > data includes: (a) information in any form; or (b) any program (or part of a program). > data storage device means a thing containing, or designed to contain, data for use by a computer. > debit card means: (a) a thing (whether real or virtual) that is intended for use by a person in obtaining access to an account that is held by the person for the purpose of withdrawing or depositing physical currency or obtaining goods or services; or (b) a thing (whether real or virtual) that may be used as a thing referred to in paragraph (a). > debit card account: if a debit card enables the holder of an account to debit the account, the account is a debit card account. > deductible gift recipient has the same meaning as in the Income Tax Assessment Act 1997. > de facto partner has the same meaning as in the Acts Interpretation Act 1901. > Defence Department means the Department administered by the Defence Minister. > Defence Minister means the Minister responsible for administering the Defence Act 1903. > departing Australia superannuation payment has the same meaning as in the Income Tax Assessment Act 1997. > derivative: see subsections 7A(3) and (4). > designated infringement notice provision has the meaning given by subsection 184(4). > designated service has the meaning given by section 6. > director of a company includes a member of a body corporate incorporated for a public purpose by a law of the Commonwealth, a State or a Territory. > Director‑General of National Intelligence means the Director‑General of National Intelligence holding office under the Office of National Intelligence Act 2018. > disclose means divulge or communicate. > disposing of: in determining whether something is a designated service, disposing of includes anything that, under the regulations, is taken to be disposing of for the purposes of this definition. > domestic politically exposed person means: (a) an individual who holds an office or position (whether or not in or for the Commonwealth) specified in the AML/CTF Rules; or (b) an individual who is a member of the legislature of the Commonwealth or of a State or Territory; or (c) a family member of an individual covered by paragraph (a) or (b); or (d) an individual who is known (having regard to information that is public or readily available) to have: (i) joint beneficial ownership of a body corporate or legal arrangement with an individual covered by paragraph (a) or (b); or (ii) sole beneficial ownership of a body corporate or legal arrangement on behalf or for the benefit of an individual covered by paragraph (a) or (b); or (iii) any other close business relations with an individual covered by paragraph (a) or (b). > electronic communication has the same meaning as in the Criminal Code. > eligible gaming machine venue has the meaning given by section 13. > eligible international emissions unit has the same meaning as in the Australian National Registry of Emissions Units Act 2011. > eligible place means: (b) a warehouse in respect of which a warehouse licence (within the meaning of Part V of the Customs Act 1901) is in force; or (c) a port, airport, wharf or boarding station appointed under section 15 of the Customs Act 1901. > embarkation area means a section 234AA place within the meaning of the Customs Act 1901. > engage in conduct means: (a) do an act; or (b) omit to perform an act. > enrolment details, in relation to a person, means such information relating to the person as is specified in the AML/CTF Rules. > entrusted investigating official means: (a) the Commissioner of the Australian Federal Police; or (b) the Chief Executive Officer of the Australian Crime Commission; or (c) the Commissioner of Taxation; or (d) the Comptroller‑General of Customs; or (e) the National Anti‑Corruption Commissioner; or (f) an investigating officer. > evidential burden, in relation to a matter, means the burden of adducing or pointing to evidence that suggests a reasonable possibility that the matter exists or does not exist. > examinee, in relation to an examination under Division 3 of Part 14, means the person who appears for examination. > examiner, in relation to an examination under Division 3 of Part 14, means the AUSTRAC CEO and includes: (a) a delegate of the AUSTRAC CEO; and (b) a consultant engaged under subsection 225(1) to perform services as an examiner. > examiner of the Australian Crime Commission means an examiner within the meaning of the Australian Crime Commission Act 2002. > exchange settlement account means an account provided by the Reserve Bank of Australia that is used for the final settlement of obligations between holders of such accounts. > exempt financial market operator issue of a security or derivative means the making available of the security or derivative, by the operator of a financial market (within the meaning of Chapter 7 of the Corporations Act 2001), in the course of operating the financial market. > express trust means a trust expressly and intentionally created in writing by a settlor but does not include a testamentary trust. > extension notice: see subsection 39B(7). > external auditor means a person authorised under section 164 to be an external auditor for the purposes of this Act. > factoring includes anything that, under the regulations, is taken to be factoring for the purposes of this Act. > false customer name means a name other than a name by which the customer is commonly known. > family member of an individual who is covered by: (a) paragraph (a) or (b) of the definition of domestic politically exposed person in this section; or (b) paragraph (a) of the definition of foreign politically exposed person in this section; or (c) paragraph (a) of the definition of international organisation politically exposed person in this section; includes: (d) a spouse, de facto partner, or other person who is equivalent to a spouse or de facto partner under any applicable law of a foreign country, of the individual; and (e) a child of the individual; and (f) a spouse or de facto partner, or other person who is equivalent to a spouse or de facto partner under any applicable law of a foreign country, of a child of the individual; and (g) a parent of the individual. > FATF Recommendations (short for Financial Action Task Force Recommendations) means: (a) all of the following Recommendations: (i) the Forty Recommendations adopted by the Financial Action Task Force on Money Laundering (FATF) at its plenary meeting on 20 June 2003; (ii) the Special Recommendations on Terrorist Financing adopted by the Financial Action Task Force on Money Laundering (FATF) at its special plenary meeting on 31 October 2001; (iii) Special Recommendation IX on Terrorist Financing adopted by the Financial Action Task Force on Money Laundering (FATF) at its plenary meeting on 20‑22 October 2004; or (b) if any or all of those Recommendations are amended—the Recommendations as so amended. > Note: In 2006, the text of the FATF Recommendations was available on the FATF website (www.fatf‑gafi.org). > Federal Court means the Federal Court of Australia. > financial institution means: (a) an ADI; or (b) a bank; or (c) a building society; or (d) a credit union; or (e) a person specified in the AML/CTF Rules. The AML/CTF Rules made under paragraph (e) may specify different persons to be financial institutions for the purposes of different provisions of this Act. > financing of terrorism means conduct that amounts to: (a) an offence against section 102.6 or Division 103 of the Criminal Code; or (b) an offence against section 20 or 21 of the Charter of the United Nations Act 1945; or (c) an offence against a law of a State or Territory that corresponds to an offence referred to in paragraph (a) or (b); or (d) an offence against a law of a foreign country or a part of a foreign country that corresponds to an offence referred to in paragraph (a) or (b). > Foreign Affairs Minister means the Minister responsible for administering the Diplomatic Privileges and Immunities Act 1967. > foreign agency means: (a) a government body that has responsibility for: (i) intelligence gathering for a foreign country; or (ii) the security of a foreign country; or (b) a government body that has responsibility for law enforcement or investigation of corruption in a foreign country or a part of a foreign country; or (c) a government body that has responsibility for the protection of the public revenue of a foreign country; or (d) a government body that has regulatory functions in a foreign country; or (e) the European Police Office (Europol); or (f) the International Criminal Police Organization (Interpol); or (g) an international body prescribed by the regulations for the purposes of this paragraph. > foreign country includes a region where: (a) the region is a colony, territory or protectorate of a foreign country; or (b) the region is part of a foreign country; or (c) the region is under the protection of a foreign country; or (d) a foreign country exercises jurisdiction or control over the region; or (e) a foreign country is responsible for the region’s international relations. > foreign exchange contract means a contract: (a) to buy or sell currency (whether Australian or not); or (b) to exchange one currency (whether Australian or not) for another (whether Australian or not). > foreign politically exposed person means: (a) an individual who holds a prominent office or position or public function in or for the legislature, executive or judiciary of a foreign country, including an individual who holds any of the following offices or positions: (i) head of state or head of government; (ii) member of the executive council of government; (iii) member of a legislature; (iv) minister, deputy minister or equivalent office or position; (v) judge of a supreme court, constitutional court or other court of general jurisdiction or last resort; (vi) ambassador, high commissioner or charge d’affaires; (vii) high ranking military officer; (viii) head or board member of a government body; (ix) head or board member of a state‑owned company or a state‑owned bank; (x) member of a governing body of a political party represented in a legislature; (xi) an office or position prescribed in the AML/CTF Rules; or (b) a family member of an individual covered by paragraph (a); or (c) an individual who is known (having regard to information that is public or readily available) to have: (i) joint beneficial ownership of a body corporate or legal arrangement with an individual covered by paragraph (a); or (ii) sole beneficial ownership of a body corporate or legal arrangement on behalf or for the benefit of an individual covered by paragraph (a); or (iii) any other close business relations with an individual covered by paragraph (a). > Note: Foreign country has an extended meaning—see the definition of foreign country in this section. > game includes an electronic game, but does not include a lottery. > gaming chip or token means a chip or token for playing a game, where: (a) the game is played for money or anything else of value; and (b) the game is a game of chance or of mixed chance and skill. > gaming machine means a machine for playing a game, where: (a) the game is played for money or anything else of value; and (b) the game is a game of chance or of mixed chance and skill. > governing body of a reporting entity means: (a) if the reporting entity is an individual—the individual; or (b) otherwise—the individual, or group of individuals, with primary responsibility for the governance and executive decisions of the reporting entity. > government body means: (a) the government of a country; or (b) an agency or authority of the government of a country; or (c) the government of part of a country; or (d) an agency or authority of the government of part of a country. > guarantee includes anything that, under the regulations, is taken to be a guarantee for the purposes of this Act. > incorporated includes formed. This definition does not apply to the expression unincorporated. > information obtained includes information obtained as a result of the production of a document. > infringement notice means an infringement notice under section 184. > infringement notice provision has the meaning given by subsection 184(1A). > institution: see subsection 63A(12). > intermediary institution: see subsections 63A(9) and (10). > international organisation politically exposed person means: (a) an individual who is entrusted with a prominent public function, position or office of a public international organisation, including a head, deputy head or board member in a public international organisation; (b) a family member of an individual covered by (a); (c) an individual who is known (having regard to information that is public or readily available) to have: (i) joint beneficial ownership of a body corporate or legal arrangement with an individual covered by paragraph (a); or (ii) sole beneficial ownership of a body corporate or legal arrangement on behalf or for the benefit of an individual covered by paragraph (a); or (iii) any other close business relations with an individual covered by paragraph (a). > international value transfer service has the meaning given by section 45. > investigating officer means: (a) a taxation officer; or (b) an AFP member; or (c) a customs officer (other than the Comptroller‑General of Customs); or (d) an examiner of the Australian Crime Commission; or (e) a member of the staff of the Australian Crime Commission; or (f) a National Anti‑Corruption Commission officer. > involves includes relates to. > issue, when used in relation to a security or derivative, has the same meaning as in Chapter 7 of the Corporations Act 2001. The time when a derivative is issued is to be worked out under subsection 761E(3) of the Corporations Act 2001. > keep open notice: see subsection 39B(1). > KYC information (short for know your customer information) about a customer of a reporting entity means information about the customer that: (a) provides reasonable grounds for the reporting entity to establish the matters mentioned in subsection 28(2); or (b) enables the reporting entity to identify or assess the ML/TF risk of the customer. > land includes: (a) land in Australia or a foreign country; and (b) land the subject of a subdivision arrangement. > land use entitlement means an entitlement to occupy land conferred through an ownership of shares in a company or units in a unit trust scheme, or a combination of a shareholding or ownership of units together with a lease or licence. > lead entity of a reporting group: see subsection 10A(5). > lease, when used in relation to goods, includes hire. > legal arrangement means: (a) an express trust; or (b) a partnership; or (c) a joint venture; or (d) an unincorporated association; or (e) an arrangement, including a foreign arrangement such as a fiducie, treuhand or fideicomiso, similar to an arrangement mentioned in any of the above paragraphs. > life policy means a life policy (within the meaning of the Life Insurance Act 1995), but does not include: (a) a policy for which there is no prescribed minimum surrender value (other than that which may be provided for in the policy documentation and promotional material); or (b) a regular premium policy to which paragraph (a) does not apply, where the amount, or the total of the amounts, payable by way of premium each year is not more than: (i) $1,500; or (ii) if a greater amount is specified in the AML/CTF Rules—that greater amount; or (c) a single premium policy to which paragraph (a) does not apply, where the amount of the single premium is not more than: (i) $3,000; or (ii) if a greater amount is specified in the AML/CTF Rules—that greater amount; or (d) a contract of consumer credit insurance (within the meaning of the Insurance Contracts Act 1984). For the purposes of this definition, the question of whether a policy has a prescribed minimum surrender value is to be determined in accordance with prudential standards made under section 230A of the Life Insurance Act 1995 as in force from time to time. > loan includes: (a) an advance of money; and (b) the provision of credit or any other form of financial accommodation; and (c) the payment of an amount for, on account of, on behalf of or at the request of a person where there is an obligation (whether expressed or implied) to repay the amount; and (d) a transaction (whatever its terms or form) which in substance effects a loan of money; but does not include: (e) if goods are sold on credit—the provision by the seller of that credit; or (f) if services are provided on credit—the provision by the provider of the service of that credit; or (g) anything that, under the AML/CTF Rules, is taken not to be a loan for the purposes of this Act. > make available, when used in relation to money, includes reducing the balance of a loan account. > managed investment scheme has the same meaning as in the Corporations Act 2001. > Note: A notified foreign passport fund is a managed investment scheme for the purposes of that Act, see section 1213E of that Act. > member of a reporting group or a business group: see subsection 10A(4). > member of the staff of the Australian Crime Commission has the same meaning as in the Australian Crime Commission Act 2002. > ML/TF risk, of a customer, means the risks of money laundering, financing of terrorism and proliferation financing that a reporting entity may reasonably face in providing its designated service, or designated services, to the customer. > ML/TF risk assessment of a reporting entity: (a) means the risk assessment undertaken by the reporting entity under section 26C; and (b) if the assessment is updated under section 26D—includes the risk assessment as updated. > modifications includes additions, omissions and substitutions. > monetary instrument means any of the following: (a) physical currency; (b) a bearer negotiable instrument; (c) a thing prescribed by the AML/CTF Rules. > monetary instrument amount for a monetary instrument means: (a) for physical currency—the amount of the currency; or (b) for a bearer negotiable instrument—the amount payable under the instrument; or (c) for a thing prescribed by the AML/CTF Rules for the purposes of paragraph (c) of the definition of monetary instrument in this section—the amount worked out in accordance with the AML/CTF Rules. > money includes: (a) physical currency; and (b) money held in an account, whether denominated in Australian currency or any other currency; and (c) money held on deposit, whether denominated in Australian currency or any other currency; and (d) a digital representation of value: (i) that is issued by or under the authority of a government body; and (ii) that is intended to function as money. > Note: Example: Central bank digital currency. > money laundering means conduct that amounts to: (a) an offence against Division 400 of the Criminal Code; or (b) an offence against a law of a State or Territory that corresponds to an offence referred to in paragraph (a); or (c) an offence against a law of a foreign country or of a part of a foreign country that corresponds to an offence referred to in paragraph (a). > monitoring powers has the meaning given by section 148. > monitoring warrant means a warrant issued under section 159. > move: (a) move a monetary instrument into Australia has the meaning given by section 55; and (b) move a monetary instrument out of Australia has the meaning given by section 56. > National Anti‑Corruption Commissioner means the Commissioner within the meaning of the National Anti‑Corruption Commission Act 2022. > National Anti‑Corruption Commission officer means a staff member of the NACC within the meaning of the National Anti‑Corruption Commission Act 2022. > nested services relationship means a relationship that involves the provision of a designated service by a reporting entity that is a remitter, virtual asset service provider or financial institution to a customer that is a remitter, virtual asset service provider or financial institution where: (a) the reporting entity provides the designated service at or through a permanent establishment in one country; and (b) the customer uses the designated service to provide services to its own customers at or through a permanent establishment in another country; and (c) the relationship is not a correspondent banking relationship. > nominee shareholder, in relation to a body corporate or legal arrangement, means a person who: (a) holds shares or an interest in the body corporate or legal arrangement on behalf of another person (the nominator); and (b) exercises voting rights associated with the shares or interest according to the instructions of the nominator, or receives dividends on behalf of the nominator, or both. > non‑reportable cross‑border movement of monetary instruments means: (a) a movement of one or more monetary instruments into Australia; or (b) a movement of one or more monetary instruments out of Australia; for which a report under section 53 is not required. > non‑reportable transaction: if: (a) a reporting entity commences to provide, or provides, a designated service to a customer; and (b) the provision of the service involves a transaction; and (c) the transaction is not a threshold transaction; the transaction is a non‑reportable transaction. > notified foreign passport fund has the same meaning as in the Corporations Act 2001. > occasional transaction means the provision of a designated service by a reporting entity to a customer other than as part of a business relationship. > offence: (a) a reference in this Act to an offence against a law of the Commonwealth (including this Act) includes a reference to an offence against section 6 of the Crimes Act 1914 that relates to such an offence; and (b) a reference in this Act to a particular offence includes a reference to an offence against section 6 of the Crimes Act 1914 that relates to that particular offence. > Note: For other ancillary offences, see section 11.6 of the Criminal Code. > officer: (a) a director or secretary of a company is taken to be an officer of the company for the purposes of this Act; (b) a partner of a partnership is taken to be an officer of the partnership for the purposes of this Act; (c) a trustee or manager of a trust is taken to be an officer of the trust for the purposes of this Act. > official has the meaning given by section 22. > on‑course bookmaker means a person who carries on a business of a bookmaker or a turf commission agent at a racecourse. > online gambling service: (a) means a designated service covered by an item of table 3 in section 6 of this Act that is provided to a customer using any of the means referred to in paragraph 5(1)(b) of the Interactive Gambling Act 2001; and (b) includes an excluded wagering service (within the meaning of that Act), but does not include a telephone betting service (within the meaning of that Act). > opening, in relation to an account, means creating the account. To avoid doubt, it is immaterial whether: (a) the account number has been given to the holder of the account; or (b) the holder of the account, or any other signatory to the account, can conduct a transaction in relation to the account. > ordering institution: see subsections 63A(1) to (4). > owner‑managed branch of an ADI has the meaning given by section 12. > parent: without limiting who is a parent of another person for the purposes of this Act, a person is the parent of another person if the other person is the person’s child because of the definition of child in this section. > partnership has the same meaning as in the Income Tax Assessment Act 1997. > permanent establishment has the meaning given by section 21. > person means any of the following: (a) an individual; (b) a company; (c) a trust; (d) a partnership; (e) a corporation sole; (f) a body politic. > Note: See also sections 237 (partnerships), 238 (unincorporated associations) and 239 (trusts with multiple trustees). > personal information has the same meaning as in the Privacy Act 1988. > person designated for targeted financial sanctions means: (a) a designated person or entity (within the meaning of regulations made under the Charter of the United Nations Act 1945); or (b) a designated person or entity (within the meaning of regulations made under the Autonomous Sanctions Act 2011). > physical currency means the coin and printed money (whether of Australia or of a foreign country) that: (a) is designated as legal tender; and (b) circulates as, and is customarily used and accepted as, a medium of exchange in the country of issue. > police officer means: (a) an AFP member; or (b) a member of the police force or police service of a State or Territory. > politically exposed person means: (a) a domestic politically exposed person; or (b) a foreign politically exposed person; or (c) an international organisation politically exposed person. > precious metal: see subsection 5A(1). > precious product: see subsection 5A(6). > precious stone: see subsection 5A(3). > pre‑commencement customer: see subsection 36(1). > prescribed foreign country means a foreign country declared by the regulations to be a prescribed foreign country for the purposes of this Act. > printed money means money comprising a note printed, written or otherwise made on polymer, paper or any other material. > produce includes permit access to. > proliferation financing means conduct that amounts to: (a) an offence against the Charter of the United Nations Act 1945, or regulations made under that Act, that is prescribed by regulations made under this Act for the purposes of this paragraph; or (b) an offence against the Autonomous Sanctions Act 2011, or a contravention of regulations made under that Act, that involves sanctions addressing the proliferation of weapons of mass destruction; or (c) an offence against the Autonomous Sanctions Act 2011, or a contravention of regulations made under that Act, that is prescribed by regulations made under this Act for the purposes of this paragraph; or (d) the provision of assets (including funds) or financial services, or other dealing with assets, in contravention of a law of the Commonwealth that: (i) implements an international agreement, convention or treaty relating to the proliferation of weapons of mass destruction; and (ii) is prescribed by the regulations for the purposes of this paragraph; or (e) an offence against a law of a State or Territory that corresponds to an offence referred to in paragraph (a), (b), (c) or (d); or (f) an offence against a law of a foreign country or a part of a foreign country that corresponds to an offence referred to in paragraph (a), (b), (c), (d) or (e); or (g) an offence against a law of the Commonwealth, a State or a Territory that is prescribed by the regulations for the purposes of this paragraph. > promissory note has the same meaning as in paragraph 51(xvi) of the Constitution. > property means any legal or equitable estate or interest in real or personal property, including a contingent or prospective one, but does not include money or a virtual asset. > provide includes supply, grant or confer. > providing a custodial or depository service includes engaging in conduct that, under subsection 766E(1) of the Corporations Act 2001, constitutes providing a custodial or depository service, but does not include: (a) conduct covered by subsection 766E(3) of that Act; or (b) conduct specified in the AML/CTF Rules. > public international organisation has the same meaning as in section 70.1 of the Criminal Code. > public official means: (a) an employee or official of a government body; or (b) an individual who holds or performs the duties of an appointment, office or position under a law of a country or of part of a country; or (c) an individual who holds or performs the duties of an appointment, office or position created by custom or convention of a country or of part of a country; or (d) an individual who is otherwise in the service of a government body (including service as a member of a military force, police force or police service); or (e) a member of the executive, judiciary or magistracy of a country or of part of a country. > qualified accountant means a person who is a member of: (a) CPA Australia; or (b) Chartered Accountants Australia and New Zealand; or (ba) the Institute of Public Accountants; or (c) a body specified in the AML/CTF Rules. > real estate means: (a) any of the following interests in land in Australia: (i) a fee simple interest; (ii) a leasehold interest; (iii) a land use entitlement; or (b) an interest, estate, right or entitlement in land in a foreign country that: (i) is equivalent to an interest mentioned in paragraph (a); or (ii) otherwise confers ownership rights on the holder of that interest, estate; right or entitlement; or (c) an interest prescribed by the regulations; but does not include the following: (d) incorporeal hereditaments; (e) the interest of a mortgagee; (f) a leasehold interest under a lease for a term (excluding options for further terms) of 30 years or less; (g) any other interest, estate, right or entitlement in land in a foreign country that is equivalent to an interest mentioned in paragraph (d), (e) or (f); (h) an interest prescribed by the regulations. > receives a designated service: if a reporting entity provides a designated service to a customer, the customer receives the designated service from the reporting entity. > registered charity means an entity that is registered under the Australian Charities and Not‑for‑profits Commission Act 2012 as the type of entity mentioned in column 1 of item 1 of the table in subsection 25‑5(5) of that Act. > registered independent remittance dealer means a person registered under section 75C as an independent remittance dealer. > registered remittance affiliate, of a registered remittance network provider, means a person registered under section 75C as a remittance affiliate of the registered remittance network provider. > registered remittance network provider means a person registered under section 75C as a remittance network provider. > registered virtual asset service provider means a person registered under section 76E as a virtual asset service provider. > registrable remittance network service means a designated service that: (a) is covered by item 32A of table 1 in section 6; and (b) is not of a kind specified in the AML/CTF Rules. > registrable remittance service means a designated service that: (a) is covered by item 29 or 30 of table 1 in section 6; and (b) is provided by a person (other than a financial institution or casino) at or through a permanent establishment of the person in Australia; and (c) does not involve a transfer of virtual assets; and (d) is not of a kind specified in the AML/CTF Rules. > registrable virtual asset service means a designated service that: (a) is either of the following: (i) a designated service covered by item 46A, 50A, 50B or 50C of table 1 in section 6; (ii) a designated service covered by item 29 or 30 of that table, if the transfer of value involves the transfer of a virtual asset (whether or not it also involves the transfer of money or property); and (b) is not provided by a financial institution or a casino; and (c) is not of a kind specified in the AML/CTF Rules. > registration means: (a) in, or in relation to, Part 6—registration as any of the following: (i) a remittance network provider; (ii) an independent remittance dealer; (iii) a remittance affiliate of a registered remittance network provider; or (b) in, or in relation to, Part 6A—registration as a virtual asset service provider. > Remittance Sector Register has the meaning given by section 75. > reporting entity means: (a) a person who provides a designated service; or (b) the lead entity of a reporting group. > reporting entity business premises means: (a) premises, or a part of premises, used wholly or partly for the purposes of the business operations of: (i) a reporting entity; or (ii) an agent of a reporting entity; or (b) premises, or a part of premises, used wholly or partly for the purposes of the storage (whether in electronic form or otherwise) of records relating to the business operations of: (i) a reporting entity; or (ii) an agent of a reporting entity; where the occupier of the premises, or the part of premises, carries on a business of storing records at the premises or the part of premises. > reporting group: see subsection 10A(1). > representative office, of a foreign bank, is an office of the foreign bank in Australia in respect of which the foreign bank has written consent to establish the representative office in Australia for the purposes of section 67 of the Banking Act 1959. > resident of a country has the meaning given by section 14. > reviewable decision has the meaning given by section 233B. > RSA (short for retirement savings account) has the same meaning as in the Retirement Savings Accounts Act 1997. > RSA provider (short for retirement savings account provider) has the same meaning as in the Retirement Savings Accounts Act 1997. > Secretary means the Secretary of the Department. > security: see subsections 7A(1) and (2). > self managed superannuation fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993. > send, in relation to a monetary instrument, includes send through the post. > senior manager of a reporting entity means an individual who makes, or participates in making, decisions that affect the whole, or a substantial part, of the business of the reporting entity. > senior member of an agency: see subsection 39B(3). > serious offence: see subsection 39B(2). > shell bank has the meaning given by section 94A. > signatory, in relation to an account with an account provider, means the account holder or a person authorised by the account holder to manage or exercise effective control of the account, whether alone or jointly with one or more other persons. > sinking fund policy has the same meaning as in the Life Insurance Act 1995. > spouse of a person includes a de facto partner of the person within the meaning of the Acts Interpretation Act 1901. > statement, in relation to an examination under Division 3 of Part 14, includes a question asked, an answer given, and any other comment or remark made, at the examination. > state of mind of a person includes: (a) the knowledge, intention, opinion, suspicion, belief or purpose of the person; and (b) the person’s reasons for the intention, opinion, belief or purpose. > State/Territory Royal Commission means: (a) a Royal Commission of a State or Territory; or (b) a commission of inquiry of a State or Territory. > stored value card means a thing (whether real or virtual): (a) that stores monetary value other than physical currency; or (b) that gives access to monetary value stored in a form other than physical currency; or (c) that is prescribed by the AML/CTF Rules; but does not include: (d) a debit card or a credit card; or (e) an account for the purposes of items 1 to 3 of table 1 in section 6 or items 11 to 13 of table 3 in section 6; or (f) unless prescribed by the AML/CTF Rules for the purposes of paragraph (c): (i) a thing that is intended to give access to monetary value in a debit card or credit card account; or (ii) a gaming chip or token, or a betting instrument; or (iii) a virtual asset (whether or not pegged to any currency); or (iv) a thing that stores, or gives access to, virtual assets (whether or not pegged to any currency); or (v) a card or other thing that is only used to store or access monetary value for the purposes of purchasing an entry into a lottery or redeeming winnings in respect of a lottery, where the monetary value is denominated in a currency, or is pegged by its issuer to a currency, stored in a form other than physical currency; or (g) a thing that, under the AML/CTF Rules, is taken not to be a stored value card. > subdivision arrangement means: (a) an arrangement: (i) under which the title (whether freehold or leasehold) to a portion of land is subdivided into separate freehold or leasehold titles relating to smaller portions of land within the first‑mentioned portion; and (ii) under which property that is common between the owners or occupiers of the smaller portions is owned or managed by a single body corporate (however described); and (iii) that exists under a law, of the State or Territory in which the land is located, relating to “strata titles”, “community titles”, “unit titles”, “cluster titles” or something referred to by another term reflecting the features referred to in subparagraphs (i) and (ii); or (b) an arrangement under which: (i) a body corporate owns an interest (whether freehold or leasehold) in land; and (ii) under the constitution of the body corporate, a holder of shares in the body has, or may be granted, a right to occupy or use some or all of the land, whether the right is by way of a lease or licence or otherwise; or (c) an arrangement in relation to which all of the following subparagraphs apply: (i) under the arrangement, an interest (whether freehold or leasehold) in land is held on trust; (ii) under the terms of the trust, a holder of an interest in the trust has, or may be granted, a right to occupy or use part of the land, whether the right is by way of a lease or licence or otherwise; (iii) the trustee of the trust is a body corporate; (iv) there are at least 2 distinct parts of the land for which subparagraph (ii) is satisfied. > subject to a requirement includes subject to a prohibition. > subsidiary has the same meaning as in the Corporations Act 2001. > superannuation fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993. > suspicious matter reporting obligation has the meaning given by subsection 41(1). > taxation law has the same meaning as in the Taxation Administration Act 1953. > taxation officer means: (a) a Second Commissioner of Taxation; or (b) a Deputy Commissioner of Taxation; or (c) a person appointed or engaged under the Public Service Act 1999 and performing duties in the Australian Taxation Office. > threshold transaction means: (a) a transaction involving the transfer of physical currency, where the total amount of physical currency transferred is not less than $10,000; or (c) if: (i) the regulations provide that this definition applies to a specified transaction involving money; and (ii) the regulations provide that a specified amount is the transaction threshold for the specified transaction; the specified transaction, where the total amount transferred is not less than the transaction threshold for the transaction; or (ca) if: (i) the regulations provide that this definition applies to a specified transaction involving a virtual asset; and (ii) the regulations provide that a specified amount or value is the transaction threshold for the specified transaction; the specified transaction, where the total amount or value transferred is not less than the transaction threshold for the transaction; or (d) if: (i) the regulations provide that this definition applies to a specified transaction involving the transfer of property; and (ii) the regulations provide that a specified amount is the transaction threshold for the specified transaction; the specified transaction, where the total value transferred is not less than the transaction threshold for the transaction. Paragraph (a) does not limit paragraph (c). > Note 1: See also section 18 (translation of foreign currency to Australian currency). > Note 2: See also section 19 (translation of virtual assets to Australian currency). > Note 3: For specification by class, see subsection 13(3) of the Legislation Act 2003. > totalisator agency board means a board or authority established, or a company holding a licence, under a law of a State or Territory for purposes that include the purpose of operating a betting service. > transaction includes a transaction of a non‑commercial nature. > transfer includes any act or thing, or any series or combination of acts or things, that may reasonably be regarded as the economic equivalent of a transfer (for example, debiting an amount from a person’s account and crediting an equivalent amount to another person’s account). > transfer message, for a transfer of value, means a message that contains information relating to the content of the payer’s instruction for the transfer of value, but does not include a message of a kind specified in the AML/CTF Rules. > transfer of value means a transfer of money, virtual assets or property, but does not include: (a) a transfer of physical currency or other tangible property; or (b) a transfer of a kind specified in the AML/CTF Rules. > trust means a person in the capacity of trustee or, as the case requires, a trust estate. > trustee has the same meaning as in the Income Tax Assessment Act 1997. > trust estate has the same meaning as in the Income Tax Assessment Act 1997. > unincorporated association means an unincorporated association or body of persons. > value, in relation to transferred property, means the market value of the property as at the time of the transfer. In working out the market value of the property, disregard anything that would prevent or restrict conversion of the property to money. > value transfer chain: see subsection 63A(11). > verification request, in relation to an individual, means a request made by a reporting entity under paragraph 35A(1)(b) for an assessment in relation to the individual. > virtual asset has the meaning given by section 5B. > virtual asset safekeeping service: (a) means a service in which virtual assets or private keys are controlled or managed for or on behalf of a person (the customer) or another person nominated by the customer under an arrangement between the provider of the service and the customer, or between the provider of the service and another person with whom the customer has an arrangement (whether or not there are also other parties to any such arrangement); but (b) does not include a service of a kind prescribed by the AML/CTF Rules. > Virtual Asset Service Provider Register has the meaning given by section 76B. > warrant premises, in relation to a monitoring warrant, means the premises to which the warrant relates. > written record, in relation to an examination under Division 3 of Part 14, means: (a) a record of the examination: (i) that is made in writing; or (ii) as reduced to writing; or (b) a part of such a record.