Document ID: chunk:federal_register_of_legislation:C2024A00110:clause:8_63a:p1
Version: federal_register_of_legislation:C2024A00110
Segment Type: clause
Provision Reference: sch 8 cl 63A (pt 1/2)
Character Range: 146146–148963

63A  Key terms relating to transfers of value

Ordering institutions
 (1) Whether a person is an ordering institution is to be determined in accordance with the AML/CTF Rules.
 (2) Without limiting subsection (1), AML/CTF Rules made for the purposes of that subsection may specify the following:
 (a) criteria or other requirements that a person must satisfy to be an ordering institution;
 (b) circumstances in which a person is an ordering institution.
 (4) However, none of the following persons are an ordering institution:
 (a) a person who transfers value in circumstances where the transfer is reasonably incidental to the provision of another service unless:
 (i) the person is a financial institution; or
 (ii) the person is providing an international value transfer service incidentally to a designated service covered by item 50, 50A or 50B of table 1 in section 6; or
 (iii) the person is providing an international value transfer service incidentally to a designated service covered by table 3 in section 6;
 (b) a person specified in the AML/CTF Rules.

Beneficiary institutions
 (5) Whether a person is a beneficiary institution is to be determined in accordance with the AML/CTF Rules.
 (6) Without limiting subsection (5), AML/CTF Rules made for the purposes of that subsection may specify the following:
 (a) criteria or other requirements that a person must satisfy to be a beneficiary institution;
 (b) circumstances in which a person is a beneficiary institution.
 (8) However, none of the following persons are a beneficiary institution:
 (a) a person who makes value available in circumstances where the making available of the value is reasonably incidental to the provision of another service unless:
 (i) the person is a financial institution;
 (ii) the person is providing an international value transfer service incidentally to a designated service covered by item 50, 50A or 50B of table 1 in section 6;
 (iii) the person is providing an international value transfer service incidentally to a designated service covered by table 3 in section 6;
 (b) a person specified in the AML/CTF Rules.

Intermediary institution
 (9) A person is an intermediary institution if the person:
 (a) in the course of carrying on a business, receives and passes on a transfer message for a transfer of value in a value transfer chain; or
 (b) is specified in the AML/CTF Rules.
 (10) However, none of the following persons are an intermediary institution:
 (a) a person who solely provides the infrastructure that permits persons to send transfer messages for a transfer of value to another person in the value transfer chain;
 (b) a person who is specified in the AML/CTF Rules.

Value transfer chain
 (11) The following persons are taken to form a value transfer chain:
 (a) the ordering institution;
 (b)