Glossary

An entity that allows affiliates to use its brand, products, platforms or systems to provide remittance services to customers.

See

AML/CTF Act 2006 section 75(C)

An entity that accepts instructions from customers to transfer money or property to a recipient. Also commonly known as a ‘money transfer business’. This does not include a business operating as a financial institution such as a bank or credit union.

A ‘registered remittance service provider’ is registered with AUSTRAC. It is against the law to provide remittance services in Australia without being registered.

An entity that provides any designated services listed under section 6 of the AML/CTF Act. These entities generally provide financial, gambling, bullion or digital currency exchange services. All reporting entities must meet obligations under the AML/CTF Act.

See

AML/CTF Act 2006 section 5

There are different definitions of ‘resident’ according to whether the entity is:

• an individual (where the individual lives in Australia)
• a company (where the company is either incorporated in Australia, or is controlled by an individual who lives in Australia)
• a trust (where a trustee is an individual living in Australia or a company incorporated in Australia, or the trust is controlled by an individual who lives in Australia, or a beneficiary of the trust is an individual who lives in Australia or a company that is incorporated in Australia)
• a partnership (where a partner is an individual who lives in Australia or a company that is incorporated in Australia)
• a corporation sole (where the corporation sole was established in Australia)
• a body politic (where it is a body politic of Australia).

See

AML/CTF Act 2006 section 14

A provision under the AML/CTF Act and Rules that enables a reporting entity to rely on customer identification procedures undertaken by another reporting entity or a AML/CTF-regulated foreign third party. This can be done under a customer due diligence (CDD) arrangement or on a case-by-case basis, taking into account the customer relationship and ML/TF risks faced.

See Reliance on customer identification procedures by a third party