Businesses enrolled and registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), including remittance service providers and digital currency exchange (DCE) providers, must ensure their details are current and kept up to date. This means that if there has been a change to your business’ enrolment or registration details, you must notify AUSTRAC of this change within fourteen (14) days. You can update these details through the submission of an AUSTRAC Business Profile Form, which is downloadable through your AUSTRAC Online account.
This applies to changes to the following:
- the services you provide;
- the structure of your business or organisation;
- contact details;
- the names and contact details of key personnel; and
- your annual earnings (i.e. whether your earnings are over $100m and you are therefore liable for the Industry Contribution Levy).
If you are a person or business registered as one of the following:
- a remittance network provider; or
- an independent remittance dealer; or
- a remittance affiliate of a registered remittance network provider that applied for registration on its own behalf; or
- DCE provider;
you must also notify AUSTRAC of any change in circumstances that could materially affect your registration and any matters specified in the AML/CTF Rules: section 75M (remittance providers) and section 76P (DCE providers) of the AML/CTF Act.
As per Chapter 60 of the AML/CTF Rules, remittance services providers must notify AUSTRAC about:
- any change in the number of key personnel, including the details of any key personnel who have left or commenced since the registration of your business;
- a declaration that a National Police Certificate (NPC) or a National Police History Check (NPHC) has been obtained;
- a declaration that each of the key personnel of the business has been subject to, and satisfies, the employee due diligence program outlined in your AML/CTF Program;
- whether your business or any of its key personnel has been the subject of a civil penalty order issued under the AML/CTF Act;
- whether your business or any of its key personnel has been the subject of civil or criminal proceedings or enforcement action;
- whether your business or any of its key personnel has been charged, prosecuted or found guilty of an offence in relation to:
- money laundering;
- terrorism or financing of terrorism;
- people smuggling;
- a serious offence under the AML/CTF Act; or
- an offence under the Financial Transaction Reports Act 1988 (FTR Act).
If you are an affiliate of a remittance network provider, you will need to inform your remittance network provider about any changes within fourteen (14) days. The remittance network provider must then update the affiliates details within seven (7) days.
For DCE providers, AUSTRAC must be notified of any change that materially affects any information previously provided under Chapter 76 of the AML/CTF Rules within fourteen (14) days.
- Updating your details with AUSTRAC
- Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth)
- Section 75M of the AML/CTF Act
- Section 76P of the AML/CTF Act
- Chapter 60 of the AML/CTF Rules
If you need assistance with updating your details with AUSTRAC, please contact us.