Document ID: chunk:federal_register_of_legislation:C2025C00044:section:64:p2
Version: federal_register_of_legislation:C2025C00044
Segment Type: section
Provision Reference: s 64 (pt 2/2)
Character Range: 219091–221425

ordering institution is in the funds transfer chain; and
 (b) the transfer instruction is accepted by the ordering institution at or through a permanent establishment of the ordering institution in Australia;
then, before the ordering institution passes on the transfer instruction to another person in the chain, the ordering institution must ensure that the instruction includes the required transfer information.
Note: For required transfer information, see section 70.

Obligations of interposed institutions in the funds transfer chain
 (7) If:
 (a) an institution is in the funds transfer chain; and
 (b) either:
 (i) the institution is an interposed institution and the transfer instruction is passed on to the institution at or through a permanent establishment of the institution in Australia; or
 (ii) the institution is an interposed institution and the transfer instruction is to be passed on by the institution at or through a permanent establishment of the institution in Australia; and
 (c) either:
 (i) the transfer instruction is accepted by the ordering institution at or through a permanent establishment of the ordering institution in Australia; or
 (ii) the making available by the beneficiary institution of the transferred money would take place at or through a permanent establishment of the beneficiary institution in Australia; and
 (d) some or all of the required transfer information was passed on to the institution by another institution in the funds transfer chain;
then:
 (e) if the transfer instruction was accepted by the ordering institution at or through a permanent establishment of the ordering institution in a foreign country—before passing on the transfer instruction to another institution in the chain, the interposed institution must ensure that the instruction includes the tracing information; or
 (f) in any other case—before passing on the transfer instruction to another institution in the chain, the interposed institution must ensure that the instruction includes so much of the required transfer information as was passed on to the interposed institution as mentioned in paragraph (d).
Note 1: For required transfer information, see section 70.
Note 2: For tracing information, see section 72.

Civil penalty
 (8) Subsections (3), (4), (5), (6) and (7) are civil penalty provisions.