Glossary

A registered remittance service provider who has an agreement with a remittance network provider to use that network’s brand, products, platforms or systems to provide the remittance service. Under the agreement the affiliate accepts instructions from customers to send funds to a recipient in another location.

The reporting entity’s ML/TF risk assessment and its policies, procedures, systems and controls to manage and mitigate ML/TF risk and meet its AML/CTF obligations.

Any government, agency or authority of the Commonwealth of Australia or a state or territory of Australia. This includes a local government authority.

A financial institution licensed by the Australian Prudential Regulatory Authority (APRA) to carry on a banking business, including accepting deposits from the public. This includes:

• banks
• building societies
• credit unions.

The Reserve Bank of Australia and state banks are also ADIs.

A non-cash item such as a: 

• cheque
• bill of exchange 
• promissory note 
• traveller’s cheque
• bearer bond 
• money order 
• postal order. 

BNIs must be payable to bearer. The bearer is the person in physical possession of the BNI.

A beneficial owner of a customer means an individual who directly or indirectly does any of the following:

• owns 25% or more of the customer
• controls the customer.

Control means the ability to directly or indirectly influence or direct the decision-making of another entity.

A business that makes a transfer of value available to a customer (the payee).

A financial instrument used in business transactions making sure payments are made later. This doesn’t include a cheque unless it’s a cheque that an authorised deposit-taking institution, bank or other institution draws on itself. 

A shared database or ledger that stores data in blocks linked together via cryptography. Generally, no single person or group has control of the data. Instead, all users collectively keep control. Once the data is entered, it can’t be changed.

Gold, silver, platinum or palladium authenticated to a specified fineness. It comes in the form of: 

• bars
• ingots
• plates
• wafers or similar forms
• coins.