A group of two or more related bodies corporate. Two bodies corporate are related if any of the following are true:

• one is a holding company of the other
• one is a subsidiary of the other
• one is a subsidiary of a holding company of the other.

Each is a separate legal entity with limited liability.

See

AML/CTF Rules – section 1-4 Definitions

Corporations Act 2001 section 50

A correspondent banking relationship involves one financial institution (the correspondent) providing banking services to another financial institution (the respondent), where both institutions are based in different countries.

Under this arrangement, correspondent banks may provide the respondent bank a wide range of services, including but not limited to: 

• cash management (for example, interest-bearing accounts in a variety of currencies)
• international wire transfers
• cheque clearing
• payable-through accounts
• foreign exchange services.

See Correspondent banking relationships and section 5 of the AML/CTF Act