BAI2 Statement Format definition
BAI2 Statement Format is a standard format for account statements, to which Bank B requested minor changes for the purposes of the Bank B Outgoing IFTIs Arrangement. That account statement included the information required by Bank B to adjust the balance of the relevant Singapore Account to reflect the AUD amount of the money transferred. 39 Bank B adjusted the balance of the Singapore Account to reflect transfers into the Bank B Settlement Account that correspond to the relevant reference number. Such transfers into the Bank B Settlement Account resulted in a balance adjustment to the corresponding Singapore Account. 40 The OSBSB arrangements with Bank B described above involved the provision of designated services by Westpac to customers within the meaning of section 6(1) of the AML/CTF Act. In particular, transactions on the Bank B Settlement Accounts were designated services within the meaning of item 3, table 1 of section 6(1) of the AML/CTF Act.
Examples of BAI2 Statement Format in a sentence
This is because the arrangement involved Westpac reporting transfers to the Bank B Settlement Account to Bank B by sending a BAI2 Statement Format account statement to Bank B, details of which are set out in paragraph 38 above.
Prior to November 2018, Westpac’s view was that the statements in BAI2 Statement Format were account statements, and did not constitute “instructions”.