Glossary

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. 

Also known as cold storage, it’s a device or method for storing cryptocurrency private keys offline. This helps prevent theft by hackers.

A group of 2 or more related bodies corporate. Two bodies corporate are related if any of the following apply:

• 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.

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 value transfers
• cheque clearing
• payable-through accounts and foreign exchange services.

Digital currencies that use cryptography to secure and verify transactions. Such as Bitcoin, Ethereum and Dogecoin. They’re based on a blockchain network. 

Electronic kiosks that let you buy and sell cryptocurrency in exchange for cash or with a debit card. They connect with your virtual wallet rather than with your bank account like a normal ATM.

A service that has been identified in the Act as posing a risk for money laundering, terrorism financing and proliferation financing, and which meets the geographical link requirement. 

Designated services include a range of business activities in:

• financial services
• bullion
• dealing in precious metals, stones and products
• gambling
• remittance services (also known as a money transfer business)
• virtual assets services
• real estate brokering, sales and property development services
• professional services, typically offered by lawyers, accountants, conveyancers and insolvency practitioners.

Also called a virtual or mobile wallet, an application that stores your payment details and passwords.

A trust expressly and intentionally created in writing by a settlor, it excludes a testamentary trust.

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.