Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A reference in this Act to a designated remittance arrangement is a reference to a remittance arrangement, where:
(a) at least one of the persons described in the following subparagraphs is a non - financier:
(i) a person who accepts an instruction from the transferor entity for the transfer of money or property under the remittance arrangement;
(ii) a person who makes money or property available, or arranges for it to be made available, to an ultimate transferee entity as a result of a transfer under the remittance arrangement; and
(c) the remittance arrangement satisfies such other conditions (if any) as are specified in the AML/CTF Rules.
(2) A reference in this Act to a remittance arrangement is a reference to an arrangement that is for the transfer of money or property, and includes a reference to an arrangement that, under the regulations, is taken to be a remittance arrangement for the purposes of this Act.
Note: Transfer has an extended meaning--see section 5.
Transferor entity and ultimate transferee entity
(3) For the purposes of the application of this Act to a remittance arrangement:
(a) the transferor entity is the person from whom an instruction is accepted for the transfer of money or property under the arrangement; and
(b) the ultimate transferee entity is the person to whom money or property is ultimately transferred under the arrangement.
Note: Transfer has an extended meaning--see section 5.