Glossary

Government-issued money that’s declared legal tender and is used for transactions within an economy, including central bank digital currencies. It’s not backed by a physical commodity such as gold or silver. Most current currencies such as the Australian dollar, Euro and Pound are fiat currencies. 

A financial institution is any of the following:

• an ADI
• a bank
• a building society
• a credit union
• a person specified in the AML/CTF Rules.

Any country (whether or not an independent sovereign state) outside Australia and its external territories. Foreign country includes a region where any of the following apply:

• the region is a colony, territory or protectorate of a foreign country
• the region is part of a foreign country
• the region is under the protection of a foreign country
• a foreign country exercises jurisdiction or control over the region
• a foreign country is responsible for the region’s international relations.