International payments refer to the transfer of funds between parties in different countries, such as payments for goods and services, or payments of loans and debts. These payments are governed by the laws and regulations related to international banking and finance.
In Australia, international payments are governed by a combination of federal laws and regulations, including the Banking Act 1959 (Cth) and the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth). These laws and regulations set out the rules for the operation of banks and other financial institutions in Australia, and they govern issues such as the registration and supervision of financial institutions, the protection of consumers, and the prevention of money laundering and terrorist financing.
The Reserve Bank of Australia (RBA) is responsible for the regulation of the Australian financial system and the management of monetary policy. It also provides services to the government, including the issuance of currency and the operation of the government's banking account.
It's important to note that international payments are also subject to other laws and regulations, including international agreements and conventions such as the SWIFT system, which is a global communications network used by banks and other financial institutions to securely exchange electronic messages and financial transactions.