8‑9 When value is in a country8‑9 When value is in a country

8‑9 When value is in a country

For the purposes of subsection 45(2) of the Act, each of the following is a circumstance in which value, in relation to a transfer of value, is in a country: (a) the payer provides the value to the ordering institution at or through a permanent establishment of the ordering institution in the country; (b) the ordering institution holds the value to be transferred in an account provided to the payer or otherwise on deposit for the payer (including in a virtual asset wallet) at or through a permanent establishment of the ordering institution in the country; (c) the ordering institution is authorised under an arrangement with the payer to transfer the value from another person at or through a permanent establishment of the other person in the country; (d) the ordering institution or beneficiary institution initiates an offsetting arrangement that includes transferring the value within the country; (e) the beneficiary institution makes the value available to the payee: (i) at or through a permanent establishment of the beneficiary institution in the country; or (ii) by depositing the value with a person at or through a permanent establishment of the person in the country; or (iii) by depositing the value into an account held by the payee with the beneficiary institution or otherwise holding the value on deposit for the payee (including in a virtual asset wallet) at or through a permanent establishment of the beneficiary institution in the country.