Commonwealth Numbered Acts Commonwealth Numbered Acts(1) A reference in this Act to a designated remittance arrangement is a reference to a remittance arrangement, where:
(a) the person who accepts money or property from a transferor entity to be transferred under the remittance arrangement is not:
(i) an ADI; or
(ii) a bank; or
(iii) a building society; or
(iv) a credit union; or
(v) a person specified in the AML/CTF Rules; and
(b) the person who makes money or property available to an ultimate transferee entity as a result of a transfer under the remittance arrangement is not:
(i) an ADI; or
(ii) a bank; or
(iii) a building society; or
(iv) a credit union; or
(v) a person specified in the AML/CTF Rules; 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 money or property is accepted so as to enable its transfer 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.