Part 1Transfers of value

Part 1—Transfers of value

Omit “Electronic funds transfer instructions”, substitute “Transfers of value”.

Omit “transferred money”, substitute “transferred value”.

3  Section 4

Omit “registrable designated remittance services”, substitute “registrable remittance services”.

4  Section 5 (definition of batched electronic funds transfer instruction)

5  Section 5 (definition of beneficiary institution)

beneficiary institution: see subsections 63A(5) to (8).

6  Section 5

 (a) definition of complete payer information;

 (b) definition of designated remittance arrangement;

 (c) definition of electronic funds transfer instruction;

 (d) definition of funds transfer chain.

7  Section 5

institution: see subsection 63A(12).

intermediary institution: see subsections 63A(9) and (10).

 (a) definition of multiple‑institution person‑to‑person electronic funds transfer instruction;

 (b) definition of multiple‑institution same‑person electronic funds transfer instruction;

 (c) definition of non‑financier.

9  Section 5 (definition of ordering institution)

ordering institution: see subsections 63A(1) to (4).

 (a) definition of payee;

 (b) definition of payer.

11  Section 5 (definition of registrable designated remittance service)

12  Section 5

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.

13  Section 5

 (a) definition of remittance arrangement;

 (b) definition of required transfer information;

 (c) definition of same‑institution person‑to‑person electronic funds transfer instruction;

 (d) definition of same‑institution same‑person electronic funds transfer instruction;

 (e) definition of tracing information.

14  Section 5

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.