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Remittance

A Remitter (someone who transfers/sends/receives money) provides services to clients.  We have summarised some of the requirements for running your business in a compliant manner below including:

  • What is a Remitter?
  • Do I need to enrol and/or register my business with AUSTRAC?
  • How do I enrol and/or Register my Remittance business with AUSTRAC?
  • Compliance obligations.
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Remittance and Money Transfer Providers

What is a Remitter?

A Remitter (someone who transfers/sends/receives money) provides services to clients in any of the following capacities:

  1. Independent Remittance Dealer: Businesses that provide remittance services to customers using their own systems and processes, independent of a remittance network.
  2. Remittance Network Providers: Organisations that operates a network of remittance affiliates by providing the systems and services that enable its affiliates to provide remittance services
  3. Affiliate of a Remittance Network Provider: Businesses that provides remittance services to customers as part of a remittance network facilitated by a remittance network provider

Do I need to enrol and/or register my business with AUSTRAC?

It is mandatory for all businesses who provide remittance services to be enrolled with AUSTRAC as a Reporting Entity and register with AUSTRAC as a remitter.

Remittance Sector Register

Remitters are required to apply for registration with AUSTRAC as an independent remittance dealer, remittance network provider or an affiliate of a remittance network provider.

Remitters must apply to appear on AUSTRAC’s Remittance Sector Register.  Under the AML/CTF Act it is an offence to provide remittance services if an individual or business is not registered with AUSTRAC.

Registration with AUSTRAC is issued for a set period and registration must be reapplied for every three years.


How do I enrol and/or Register my Remittance business with AUSTRAC?

To apply for enrolment and/or registration with AUSTRAC you must complete the AUSTRAC Business Profile Form available on AUSTRAC’s website.

If you require assistance with enrolling/registering your business with AUSTRAC please contact us.

Ongoing Obligations

Once you have successfully obtained enrollment/registration with AUSTRAC you will be required to meet ongoing compliance obligations. These obligations include:

  • Notifying AUSTRAC of any changes or updates to your AUSTRAC enrolment and/or registration;
  • Conducting regular compliance reviews;
  • Reporting various transactions to AUSTRAC including International Funds Transfer Instructions (IFTIs), Suspicious Matter Reports (SMRs) and Threshold Transaction Reports (TTRs); and
  • Complying with Anti-Money Laundering and Counter-Terrorism Financing regulations, including maintaining an AML/CTF Program.

Sophie Grace can provide you with appropriate compliance solutions for your remittance business, including implementing an AML/CTF Program. Please contact us directly for more information.