For the purposes of a correspondent banking relationship, a financial institution can determine who is a senior officer, depending on the size and complexity of the organisation. A senior officer doesn’t have to be a person in executive management.

The senior officer should have sufficient knowledge of the business’s money laundering, terrorism financing and proliferation financing risk exposure. They should also have sufficient authority to make decisions affecting the business’s risk exposure.

Someone who transfers or moves illegally-acquired money on behalf of someone else.

Money mules can move funds in various ways, including but not limited to: 

• physical cash
• bank account transfers
• obtaining and depositing cashier’s cheques
• virtual assets
• using prepaid debit cards
• via remittance service providers.

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. 

See 

AML/CTF Act 2006 Section 5

Express trust means a trust expressly and intentionally created in writing by a settlor but doesn’t include a testamentary trust.

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.

See

AML/CTF Act 2006 section 5

Know your customer information (KYC information) means any information about a customer that either:

• provides reasonable grounds to establish certain matters required for initial customer due diligence
• enables you to identify or assess the ML/TF risk of the customer.

KYC information includes both information sourced from the customer and from other sources.

For example, the customer may provide KYC information about their identity while you may source other KYC information from searches online or third-party sources. 

A nested services relationship means a relationship that involves the provision of a designated service by a reporting entity that’s a remitter, virtual asset service provider or financial institution to a customer that’s a remitter, virtual asset service provider or financial institution where the:

• reporting entity provides the designated service at or through a permanent establishment in one country
• customer uses the designated service to provide services to its own customers at or through a permanent establishment in another country
• the relationship is not a correspondent banking relationship.

An occasional transaction means the provision of a designated service by a reporting entity to a customer other than as part of an ongoing business relationship.

This means that the relationship doesn’t have, or could reasonably not be expected to have, an element of duration. 

A partnership is an association of persons (other than a company or limited partnership) carrying on business as partners or in receipt of ordinary income or statutory income jointly, or a limited partnership. 

It has the same meaning as in the Income Tax Assessment Act 1997.