Commonwealth Consolidated Acts Commonwealth Consolidated ActsFor the purposes of this Act, the following table defines international funds transfer instruction :
Item | Type of instruction | The instruction is an international funds transfer instruction if ... |
1 | (a) the instruction is accepted at or through a permanent establishment of the ordering institution in Australia; and (b) the transferred money is to be, or is, made available to the payee at or through a permanent establishment of the beneficiary institution in a foreign country | |
2 | (a) the instruction is accepted at or through a permanent establishment of the ordering institution in a foreign country; and (b) the transferred money is to be, or is, made available to the payee at or through a permanent establishment of the beneficiary institution in Australia | |
3 | instruction given by a transferor entity for the transfer of money or property under a designated remittance arrangement | (a) the instruction is accepted at or through a permanent establishment of a non - financier in Australia; and (b) the money or property is to be, or is, made available to the ultimate transferee entity at or through a permanent establishment of a person in a foreign country |
4 | instruction given by a transferor entity for the transfer of money or property under a designated remittance arrangement | (a) the instruction is accepted at or through a permanent establishment of a person in a foreign country; and (b) the money or property is to be, or is, made available to the ultimate transferee entity at or through a permanent establishment of a non - financier in Australia |