ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 100 Geographical links

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 100

    A financial institution is not subject to a requirement under this Part   in connection with a correspondent banking relationship the financial institution has, or proposes to have, with another person unless:

  (a)   the financial institution carries on an activity or business at or through a permanent establishment of the financial institution in Australia; or

  (b)   both:

  (i)   the financial institution is a resident of Australia; and

  (ii)   the financial institution carries on an activity or business at or through a permanent establishment of the financial institution in a foreign country; or

  (c)   both:

  (i)   the financial institution is a subsidiary of a company that is a resident of Australia; and

  (ii)   the financial institution carries on an activity or business at or through a permanent establishment of the financial institution in a foreign country.

Note:   For resident , see section   14.