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.
What is a Remitter?
A Remitter (someone who transfers/sends/receives money) provides services to clients in any of the following capacities:
- Independent Remittance Dealer: Businesses that provide remittance services to customers using their own systems and processes, independent of a remittance network.
- 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
- 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.
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.