Commonwealth Numbered Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 (NO. 169, 2006) - SECT 100

                   A 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

                     (b)  both:

                              (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

                     (c)  both:

                              (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.