Document ID: chunk:federal_register_of_legislation:C2025C00044:section:8
Version: federal_register_of_legislation:C2025C00044
Segment Type: section
Provision Reference: s 8
Character Range: 130411–133154

8  Person‑to‑person electronic funds transfer instructions

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.