There are a number of ongoing requirements and obligations which remittance service providers (often known as money transfer businesses) face when running their businesses. We have summarised some of the requirements for running your remittance business below.
A remittance service provider (or money transfer provider) is a person or business involved in the act of transferring, sending and/or receiving money on behalf of others. A remittance service provider can provide services to clients in any of the following capacities:
It is mandatory for all businesses who satisfy one of the ‘geographical link’ tests and provide remittance services to be enrolled with AUSTRAC as a Reporting Entity and register with AUSTRAC as a remitter.
The three ‘geographical link’ tests are as follows:
Once an entity determines that they have met one of the ‘geographical link’ tests, they are then required to determine the type of registration required.
Remittance service providers are required to apply for registration with AUSTRAC as either an independent remittance dealer, remittance network provider or an affiliate of a remittance network provider.
Remittance service providers 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 renewed every three years. Remittance service providers also have an obligation to notify AUSTRAC of any changes to their registration details within 14 days of any changes.
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.
Sophie Grace can provide you with an AML/CTF Program and can assist you to tailor it to your business’ needs. We have three different options available to suit your business and finance needs.
You can purchase template documents from our online shop. The template is an instant download and includes prompts to help you tailor the document yourself. We have template documents for:
Sign up to the Compliance Portal and receive the template AML/CTF Program Package, and obtain access to updated documents in light of any updates we make as new guidance or amended legislation is released. Choose between:
Sophie Grace can assist you to prepare the AML/CTF Program package based on your business’ specific requirements. Contact us to discuss further.
Find everything you need in relation to the AML/CTF Reforms
Sign up today for up-to-date compliance policies and regular consultation with our staff. Watch our demonstration video now!
We will get in touch as soon as possible
