Anti-Money Laundering and Counter-Terrorism Financing Rules 2025
8‑1 Determination of who is an ordering 8‑1 Determination of who is an ordering institution
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8‑1 Determination of who is an ordering institution
(1) For the purposes of subsection 63A(1) of the Act, this section provides for the determination of whether a person is an ordering institution.
Note: Subsection 63A(4) of the Act sets out circumstances in which a person is not an ordering institution.
(2) A person is an ordering institution if: (a) the person accepts an instruction for a transfer of value on behalf of a payer; and (b) the person does so in the course of carrying on a business. (3) Circumstances in which a person may be an ordering institution under subsection (2) of this section include the following: (a) the person receives, from the payer or a person acting on behalf of the payer, the value that is to be transferred; (b) the person holds the value to be transferred in an account provided to the payer or otherwise on deposit from the payer (including in a virtual asset wallet); (c) the person is authorised under an arrangement with the payer to transfer the value from a third‑party deposit‑taker or credit provider; (d) the person arranges for the transfer of value from the payer under an offsetting arrangement with the beneficiary institution. (4) To avoid doubt, subsection (3) does not affect the requirement for a person to satisfy subsection (2) to be an ordering institution.