Glossary

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 isn’t a correspondent banking relationship.

Unique digital tokens recorded on a blockchain or other distributed ledger technology. They can represent ownership of an assets or right and aren’t interchangeable with other tokens. 

They are virtual assets that trigger AML/CTF regulation if they function as a store of value, unit of account or medium of exchange, or as a governance token. They can also be used as collectables, digital avatars or for other purposes which do not trigger AML/CTF regulation.

A transaction where a designated service is provided to a customer other than as part of a business relationship. 

A business that accepts a customer’s (the payer) instruction to transfer value (such as virtual assets or money).

A group of persons carrying on business as partners or receiving income jointly. 

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

A permanent establishment is a place at or through which you conduct any activities or business. This also includes conducting activities or business through an agent. You can have more than one permanent establishment. 

Australian or foreign money (coin and notes) that is designated legal tender.

Includes gold, silver, platinum, iridium, osmium, palladium, rhodium, ruthenium or an alloy with at least 2% in weight of any of these substances (whether in a manufactured or unmanufactured state). It doesn’t include bullion.

Any of the following products that is made up of, containing or having attached to it, any precious metal or precious stone, or both. Such as:

• jewellery
• watches
• another type of personal adornment
• an article of goldsmiths’ or silversmiths’ wares. Such as ornaments, tableware, smokers’ requisites and other items for personal, household, office or religious use.

A substance with gem quality that has market-recognised beauty, rarity and value. This includes, but isn’t limed to:

• diamond
• pearl
• opal
• beryl
• corundum
• garnet
• topaz 
• jadeite jade.

It doesn’t matter whether the substance is synthetic, natural or man-made.