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Glossary

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Affiliate of a remittance network provider

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.

See

AML/CTF Act 2006 section 75C 

AML/CTF program

A document that sets out how a reporting entity meets their AML/CTF compliance obligations.

See

AML/CTF Act 2006 section 83

Australian Government body

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

See

AML/CTF Act 2006 section 5

Authorised deposit-taking institution (ADI)

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

  • banks
  • building societies,
  • credit unions.

For AUSTRAC's purposes, the Reserve Bank of Australia and state banks are also ADIs.

See

AML/CTF Act 2006 Section 5