Document ID: chunk:federal_register_of_legislation:C2025C00044:section:64:p1
Version: federal_register_of_legislation:C2025C00044
Segment Type: section
Provision Reference: s 64 (pt 1/2)
Character Range: 216356–219360

64  Electronic funds transfer instructions—2 or more institutions involved in the transfer

Scope
 (1) This section applies to:
 (a) a multiple‑institution person‑to‑person electronic funds transfer instruction; or
 (b) a multiple‑institution same‑person electronic funds transfer instruction.
Note: For exemptions, see section 67.

Funds transfer chain
 (2) For the purposes of this Act:
 (a) the following persons are taken to form a funds transfer chain:
 (i) the ordering institution;
 (ii) each person (if any) interposed between the ordering institution and the beneficiary institution;
 (iii) the beneficiary institution; and
 (b) each person in the chain is to be known as an institution.

Obligations of ordering institution
 (3) If 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:
 (a) passes on the transfer instruction; or
 (b) dispatches the transfer instruction; or
 (c) takes any other action to carry out the transfer instruction;
the ordering institution must obtain the complete payer information.
Note: For complete payer information, see section 71.
 (4) If:
 (a) the transfer instruction is accepted by the ordering institution at or through a permanent establishment of the ordering institution in Australia; and
 (b) the AUSTRAC CEO, by written notice given to the ordering institution, requests the ordering institution to give the complete payer information to the AUSTRAC CEO;
the ordering institution must comply with the request within:
 (c) if the request was given to the ordering institution within 6 months after the acceptance of the transfer instruction by the ordering institution—3 business days after the day on which the request was given; or
 (d) otherwise—10 business days after the day on which the request was given.
Note: For complete payer information, see section 71.
 (5) If:
 (a) the transfer instruction is accepted by the ordering institution at or through a permanent establishment of the ordering institution in Australia; and
 (b) the beneficiary institution, by written notice given to the ordering institution, requests the ordering institution to give the complete payer information to the beneficiary institution;
the ordering institution must comply with the request within:
 (c) if the request was given to the ordering institution within 6 months after the acceptance of the transfer instruction by the ordering institution—3 business days after the day on which the request was given; or
 (d) otherwise—10 business days after the day on which the request was given.
Note: For complete payer information, see section 71.
 (6) If:
 (a) the 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