Independent remittance service provider
A remittance service provider that uses its own products, platforms or systems to provide remittance services to customers. An independent remittance provider may own or control a number of branches.
AML/CTF Act 2006 section 75C
A person who:
- sells insurance
- acts as an agent for one or more insurers
- acts as an agent of people seeking insurance
- is an insurance broker.
FTR Act 1988 Part 1(3) Interpretation
International funds transfer instruction (IFTI)
An instruction to transfer funds or property to either:
- Australia from another country
- another country from Australia.
There are two types of IFTIs.
An IFTI-E is an electronic funds transfer instruction (EFTI) which is sent to or received from another country.
An IFTI-DRA is an instruction to transfer money or property to or from another country under a designated remittance arrangement (DRA) where either:
- the entity accepting the instruction from the customer or
- the entity making the money or property available
is not a financial institution.
AML/CTF Act 2006 section 46