63AKey terms relating to transfers of value

63A Key terms relating to transfers of value

Ordering institutions (1) Whether a person is an ordering institution is to be determined in accordance with the AML/CTF Rules. (2) Without limiting subsection (1), AML/CTF Rules made for the purposes of that subsection may specify the following: (a) criteria or other requirements that a person must satisfy to be an ordering institution; (b) circumstances in which a person is an ordering institution. (4) However, none of the following persons are an ordering institution: (a) a person who transfers value in circumstances where the transfer is reasonably incidental to the provision of another service unless: (i) the person is a financial institution; or (ii) the person is providing an international value transfer service incidentally to a designated service covered by item 50, 50A or 50B of table 1 in section 6; or (iii) the person is providing an international value transfer service incidentally to a designated service covered by table 3 in section 6; (b) a person specified in the AML/CTF Rules. Beneficiary institutions (5) Whether a person is a beneficiary institution is to be determined in accordance with the AML/CTF Rules. (6) Without limiting subsection (5), AML/CTF Rules made for the purposes of that subsection may specify the following: (a) criteria or other requirements that a person must satisfy to be a beneficiary institution; (b) circumstances in which a person is a beneficiary institution. (8) However, none of the following persons are a beneficiary institution: (a) a person who makes value available in circumstances where the making available of the value is reasonably incidental to the provision of another service unless: (i) the person is a financial institution; (ii) the person is providing an international value transfer service incidentally to a designated service covered by item 50, 50A or 50B of table 1 in section 6; (iii) the person is providing an international value transfer service incidentally to a designated service covered by table 3 in section 6; (b) a person specified in the AML/CTF Rules. Intermediary institution (9) A person is an intermediary institution if the person: (a) in the course of carrying on a business, receives and passes on a transfer message for a transfer of value in a value transfer chain; or (b) is specified in the AML/CTF Rules. (10) However, none of the following persons are an intermediary institution: (a) a person who solely provides the infrastructure that permits persons to send transfer messages for a transfer of value to another person in the value transfer chain; (b) a person who is specified in the AML/CTF Rules. Value transfer chain (11) The following persons are taken to form a value transfer chain: (a) the ordering institution; (b) each intermediary institution (if any) between the ordering institution and the beneficiary institution; (c) the beneficiary institution. Institutions (12) Each person in a value transfer chain is an institution. Payer and payee may be same person etc. (13) For the purposes of this Act: (a) the payer and the payee in relation to a transfer of value may be the same person; and (b) the ordering institution and the beneficiary institution in relation to a transfer of value may be the same person.