Commonwealth Consolidated Acts Commonwealth Consolidated ActsA financial institution is not subject to a requirement under this Part in connection with a correspondent banking relationship the financial institution has, or proposes to have, with another person unless:
(a) the financial institution carries on an activity or business at or through a permanent establishment of the financial institution in Australia; or
(i) the financial institution is a resident of Australia; and
(ii) the financial institution carries on an activity or business at or through a permanent establishment of the financial institution in a foreign country; or
(i) the financial institution is a subsidiary of a company that is a resident of Australia; and
(ii) the financial institution carries on an activity or business at or through a permanent establishment of the financial institution in a foreign country.
Note: For resident , see section 14.