Glossary

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.

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.