Bearer negotiable instrument (BNI)
A non-cash form of money such as a cheque, bill of exchange, promissory note, traveller’s cheque, bearer bond, money order or postal order. 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:
- ultimately owns (either directly or indirectly) 25% or more of the person; or
- controls (directly or indirectly) the person.
Beneficiary institution
A financial institution that receives an electronic funds transfer instruction and makes the transferred funds available to the recipient.
See
AML/CTF Act 2006 subsections 8(1), 8(2), 9(1), and 9(2)
Bullion
Gold, silver, platinum or palladium authenticated to a specified fineness. It comes in the form of bars, ingots, plates, wafers or similar forms, or in coins. It is used for trading.
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.