Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p202
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 558090–561327

even if they would otherwise be exempt from the Privacy Act. For further information about these obligations, please go to http://www.oaic.gov.au or call 1300 363 992.
CHAPTER 72 Account-based money transfer systems

    72.1 These Anti-Money Laundering and Counter-Terrorism Financing Rules (Rules) are made under section 229 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) for the definition of 'ordering institution' and 'beneficiary institution' in subparagraphs 8(1)(c)(v), 8(1)(d)(v), 9(1)(c)(v) and 9(1)(d)(v) of the AML/CTF Act and paragraph 45(3)(b) of that Act.

      MoneyGram

      Instructions transmitted into Australia

    72.2 For the purposes of subparagraphs 8(1)(c)(v) and 9(1)(c)(v), the following person is specified to be an ordering institution:

         (1) a non-financier when:

              (a) the non-financier accepts an instruction from a payer to transfer money controlled by the payer to a payee;

              (b) the instruction is accepted through a permanent establishment of the non-financier in a foreign country;

              (c) the instruction is accepted on the basis that the transferred money will be made available to the payee as a result of the instruction being transmitted into Australia via the MoneyGram Money Transfer Service; and

              (d) the transferred money is to be, or is, only made available to the payee at or through a permanent establishment of a beneficiary institution in Australia in circumstances where:

                  (i) the beneficiary institution has a contractual arrangement with MoneyGram to receive the transmitted instruction; and

              (ii) will make the money available to the payee.

      Instructions transmitted out of Australia

    72.3 For the purposes of subparagraphs 8(1)(d)(v) and 9(1)(d)(v), the following person is specified to be a beneficiary institution:

         (1) a non-financier in a foreign country when:

             (a) the payer, through the permanent establishment of the ordering institution in Australia, instructs that ordering institution to transfer money controlled by the payer to a payee in the foreign country; and

             (b) the ordering institution, which has a contractual arrangement with MoneyGram to accept such instructions, transmits the instructions out of Australia via the MoneyGram Money Transfer Service to the non-financier; and

             (c) the non-financier, through a permanent establishment of the non-financier in the foreign country, will make, or makes, the money available to the payee.

    72.4 If either of the following are applicable:

         (1) an International Funds Transfer Instruction is accepted by a non-financier who because of the operation of paragraph 72.2 is an ordering institution; or

         (2) money transferred as a result of an International Funds Transfer Instruction is to be or is made available to the payee at or through a permanent establishment of a non-financier who because of the operation of paragraph 72.3 is a beneficiary institution;

    then, for the purposes of paragraph 45(3)(b) of the AML/CTF Act, the information contained in the Schedule to this