8‑8 Exemptions—transfers of value occurr

8‑8 Exemptions—transfers of value occurring in specified circumstances

(1) This section is made for the purposes of paragraph 67(1)(b) of the Act. Inter‑financial institution transfers (2) Part 5 of the Act does not apply to a transfer of value if the payer and the payee are: (a) financial institutions; and (b) acting on their own behalf. (3) Part 5 of the Act does not apply to a transfer of value if: (a) the transfer message for the transfer of value is sent using the Society for Worldwide Interbank Financial Telecommunication payment delivery system; and (b) the payer and the payee are: (i) Supervised Financial Institutions within the meaning of the document titled SWIFT Corporate Rules, published by the Society for Worldwide Interbank Financial Telecommunication, as that document exists at the commencement of this instrument; and (ii) acting on their own behalf.

Note: The SWIFT Corporate Rules could in 2025 be viewed on the Society for Worldwide Interbank Financial Telecommunication website (https://www.swift.com).

Cheques (4) Part 5 of the Act does not apply to a transfer of value if: (a) the instruction for the transfer of value is given to the ordering institution by way of a cheque; and (b) the cheque is drawn on the ordering institution. Merchant payments—ordering institution obligations (5) Paragraphs 64(2)(a) and (b) and (5)(a) of the Act do not apply to a transfer of value if the transfer of value is: (a) a merchant payment; or (b) a refund of a merchant payment. Pre‑commencement customers—ordering institution obligations (6) Paragraph 64(2)(b) of the Act does not apply to a transfer of value if: (a) a reporting entity provides a designated service covered by item 29 of table 1 in section 6 of the Act, as an ordering institution for the transfer of value; and (b) the reporting entity provides the service to a pre‑commencement customer; and (c) there are no reasonable grounds for the reporting entity to doubt the adequacy or veracity of the payer information in relation to the transfer of value. Certain existing customers—ordering institution obligations (7) Paragraph 64(2)(b) of the Act does not apply to a transfer of value if: (a) a reporting entity provides a designated service covered by item 29 of table 1 in section 6 of the Act, as an ordering institution for the transfer of value; and (b) the reporting entity provides the service to a customer in relation to whom the reporting entity has met, or is taken to have met, the requirements of sections 28 and 30 of the Act; and (c) the reporting entity commences to provide the service before 1 July 2030; and (d) there are no reasonable grounds for the reporting entity to doubt the adequacy or veracity of the payer information in relation to the transfer of value. Transfers to a self‑hosted virtual asset wallet (8) Subsection 64(3) of the Act and paragraph 64(5)(b) of the Act do not apply to a transfer of value if the value is being transferred to a self‑hosted virtual asset wallet.