8‑2 Determination of who is a beneficiar8‑2 Determination of who is a beneficiary institution

8‑2 Determination of who is a beneficiary institution

(1) For the purposes of subsection 63A(5) of the Act, this section provides for the determination of whether a person is a beneficiary institution.

Note: Subsection 63A(8) of the Act sets out circumstances in which a person is not a beneficiary institution.

(2) A person is a beneficiary institution if: (a) the person, in relation to a transfer of value, makes the value transferred available to a payee; and (b) the person does so in the course of carrying on a business. (3) Circumstances in which a person may be a beneficiary institution under subsection (2) of this section include the following: (a) the person makes the transferred value available to the payee directly, or to a person acting on behalf of the payee; (b) the person makes the transferred value available to the payee by depositing the value into an account held by the payee with the person (including in a virtual asset wallet), or otherwise holding the value on deposit for the payee; (c) the person makes the transferred value available to the payee, under an arrangement with the payee, by depositing the value with a third‑party deposit‑taker or credit provider; (d) the person arranges for the transferred value to be made available to the payee under an offsetting arrangement with the ordering institution. (4) To avoid doubt, subsection (3) does not affect the requirement for a person to satisfy subsection (2) to be a beneficiary institution.