Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Regulations 2011

13A Inclusion: wire transfers of more than $1,000

(1)

This regulation applies to every transaction—

(a)

that is a wire transfer; and

(b)

that involves an amount of more than $1,000 (whether the transaction is carried out in a single operation or several operations that appear to be linked); and

(c)

that—

(i)

is carried out by a reporting entity that is an ordering institution and occurs outside of a business relationship with the originator; or

(ii)

involves the receipt of funds by a reporting entity that is a beneficiary institution and occurs outside of a business relationship with the beneficiary.

(2)

Every transaction to which this regulation applies is declared to be an occasional transaction for the purposes of the Act.

Regulation 13A: replaced, on 27 July 2016, by regulation 6 of the Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Amendment Regulations 2016 (LI 2016/132).

Regulation 13A(1): replaced, on 9 July 2021, by regulation 7 of the Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Amendment Regulations 2021 (LI 2021/145).