Bearer negotiable instrument (BNI)
Any of the following:
- bill of exchange
- cheque
- promissory note
- bearer bond
- traveller’s cheque
- money order, postal order or similar order
- negotiable instrument not covered by one of the types above.
BNIs often include the instruction 'pay to the bearer'. The bearer is the person in physical possession of the BNI.
See
AML/CTF Act 2006 Section 17
Beneficial owner
A beneficial owner of a person (other than an individual) means an individual who does any of the following:
- ultimately owns (either directly or indirectly) 25% or more of the person
- controls (directly or indirectly) the person.
Beneficiary institution
In relation to a transfer of value, a beneficiary institution makes transferred value available to a payee in the course of carrying on a business.
See
AML/CTF Act 2006 subsections 8(1), 8(2), 9(1), and 9(2)
Bullion
Bullion means gold, silver, platinum or palladium that is all of the following:
- is in the form of bars, coins, ingots, plates, wafers or similar forms
- bears a mark or characteristic generally accepted to identify and guarantee its fineness and quality
- is usually traded at the market (spot) price of the gold, silver, platinum or palladium.
See
AML/CTF Act 2006 Section 5
Business relationship
A business relationship means a relationship between a reporting entity and a customer involving the provision of a designated service or designated services that has, or could reasonably be expected to have, an element of duration.
See
AML/CTF Act 2006 Section 5