Document ID: chunk:federal_register_of_legislation:C2025C00044:section:9
Version: federal_register_of_legislation:C2025C00044
Segment Type: section
Provision Reference: s 9
Character Range: 133154–135896

9  Same‑person electronic funds transfer instructions

Multiple‑institution same‑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 beneficiary institution) on the basis that the transferred money will be made available to the payer by:
 (i) being credited to an account held by the payer with the beneficiary institution; or
 (ii) being paid to the payer by 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 same‑person electronic funds transfer instruction; and
 (f) for the purposes of the application of this Act to making the money available to the payer, the payer may also be known as the payee; and
 (g) 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 beneficiary institution.
Note: Transfer has an extended meaning—see section 5.

Same‑institution same‑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 make money controlled by the payer available to the payer by:
 (i) being credited to an account held by the payer with the ordering institution; or
 (ii) being paid to the payer 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 same‑person electronic funds transfer instruction; and
 (e) for the purposes of the application of this Act to making the money available to the payer:
 (i) the payer may also be known as the payee; and
 (ii) the ordering institution may also be known as the beneficiary institution.