Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024
63Simplified outline
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63 Simplified outline
The following is a simplified outline of this Part.
An ordering institution, a beneficiary institution and an intermediary institution in a transfer of value must fulfil certain obligations in relation to the transfer.
The obligations of an ordering institution relate to the information the institution collects, verifies and provides as part of the transfer.
The obligations of a beneficiary institution relate to the information the institution receives or otherwise obtains as part of the transfer.
The obligations of an intermediary institution relate to the information the institution receives and provides as part of the transfer.
Additional obligations apply if the transfer of value is a transfer of a virtual asset.