Commonwealth Numbered Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 (NO. 169, 2006) - SECT 8

Multiple‑institution person‑to‑person electronic funds transfer instruction

             (1)  For the purposes of this Act, if:

                     (a)  a person (the payer ) instructs a person (the ordering institution ) to transfer money controlled by the payer to a third person (the payee ) on the basis that the transferred money will be made available to the payee by:

                              (i)  being credited to an account held by the payee with a fourth person (the beneficiary institution ); or

                             (ii)  being paid to the payee by a fourth person (the beneficiary institution ); and

                     (b)  either:

                              (i)  the transfer is to be carried out wholly or partly by means of one or more electronic communications; or

                             (ii)  the transfer instruction is to be passed on wholly or partly by means of one or more electronic communications; and

                     (c)  the ordering institution is:

                              (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

                     (d)  the beneficiary institution is:

                              (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;

then:

                     (e)  the instruction is a multiple‑institution person‑to‑person electronic funds transfer instruction ; and

                      (f)  if there are one or more persons interposed between the ordering institution and the beneficiary institution--disregard those interposed persons in working out the identities of the following:

                              (i)  the payer;

                             (ii)  the ordering institution;

                            (iii)  the payee;

                            (iv)  the beneficiary institution.

Note:          Transfer has an extended meaning--see section 5.

Same‑institution person‑to‑person electronic funds transfer instruction

             (2)  For the purposes of this Act, if:

                     (a)  a person (the payer ) instructs a person (the ordering institution ) to transfer money controlled by the payer to a third person (the payee ) on the basis that the transferred money will be made available to the payee by:

                              (i)  being credited to an account held by the payee with the ordering institution; or

                             (ii)  being paid to the payee by the ordering institution; and

                     (b)  the transfer is to be carried out wholly or partly by means of one or more electronic communications; and

                     (c)  the ordering institution is:

                              (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;

then:

                     (d)  the instruction is a same‑institution person‑to‑person electronic funds transfer instruction ; and

                     (e)  for the purposes of the application of this Act to making the money available to the payee, the ordering institution may also be known as the beneficiary institution .

Note:          Transfer has an extended meaning--see section 5.