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: