Damon Mcknight
Money transfer businesses, also known as remittance service providers, must be registered with AUSTRAC in Australia. To conduct business legally, all firms in the country should be recorded on their Remittance Sector Register. Registration with AUSTRAC is issued for a set period, and businesses must renew their registration every three years. To apply for enrolment and/or registration with AUSTRAC, businesses must complete the AUSTRAC Business Profile Form available on their website. Additionally, businesses must meet compliance responsibilities with all three tiers of the Australian Government: Commonwealth, State/Territory, and local councils.
| Characteristics | Values |
|---|---|
| Registration | All money transfer businesses in Australia must be registered with AUSTRAC and recorded on their Remittance Sector Register. |
| Definition of Remittance Provider | An individual, business, or organisation that accepts instructions from customers to transfer money or property to a recipient. |
| Registration Requirements | Remitters must apply to appear on AUSTRAC's Remittance Sector Register as either an independent remittance dealer, remittance network provider, or affiliate of a remittance network provider. |
| Registration Renewal | Remittance service providers in Australia are required to renew their registration every three years. |
| Registration Timeframe | AUSTRAC may take up to 90 days to make a decision on an application. |
| Additional Information | Additional information may be requested during the registration process, and ongoing requirements and obligations must be met to maintain compliance. |
| Compliance | Registration with AUSTRAC ensures compliance with the AML/CTF Act, which criminalises unregistered remittance services. |
| Government Support | The Australian Government provides resources to help businesses navigate compliance requirements, including licences, permits, and codes of practice. |
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What You'll Learn
Register with AUSTRAC
To conduct a money transfer business legally in Australia, you must register with AUSTRAC (Australian Transaction Reports and Analysis Centre) and be recorded on their Remittance Sector Register. Remittance service providers, also known as money transfer businesses, are defined by AUSTRAC as:
> "A remittance service provider is an individual, business or organisation that accepts instructions from customers to transfer money or property to a recipient."
Registration with AUSTRAC is a mandatory requirement for remittance service providers in Australia. Operating a money transfer business without a license is illegal and a crime. To apply for registration, you must complete the AUSTRAC Business Profile Form available on their website. You will need to determine the type of registration required, as remitters can apply as either an independent remittance dealer, remittance network provider, or affiliate of a remittance network provider.
AUSTRAC may take up to 90 days to make a decision on your application, and you may be asked to provide additional information during the registration process. Registration with AUSTRAC is issued for a set period, and you must renew your registration every three years.
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Fill out the AUSTRAC Business Profile Form
To register a money transfer business in Australia, you must register with AUSTRAC (Australian Transaction Reports and Analysis Centre) and record your business on their Remittance Sector Register.
Now, to fill out the AUSTRAC Business Profile Form (ABPF), you can refer to the ABPF explanatory guide, which gives you step-by-step instructions on the information you need to complete the form. Here is a list of the information you will need to provide:
- Names and contact details of key personnel in your business, such as directors and officeholders.
- Any official police document for each of the key personnel in your business, issued within six months of the date of your application.
- Financial statements for the most recent financial year.
- Registration numbers such as ABNs or ACNs, if you have them.
- Registration details if your business is registered in a foreign country.
- Any criminal, civil, or enforcement action related to your business or key personnel.
- Your expected date to start your remittance service.
It is important to note that you can save your progress on the form and return to complete it within two weeks if you do not have all the information at hand. Once you submit the form, you will receive a confirmation message and an email with a link to download the completed form. AUSTRAC will then take up to 90 days to assess your application and may seek additional information during this process.
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Understand compliance responsibilities across the three tiers of Australian Government
To register a money transfer business in Australia, it is important to understand the compliance responsibilities across the three tiers of the Australian government: Commonwealth, State/Territory, and local councils. Here are the key points to consider:
Commonwealth Tier:
- The Public Governance, Performance and Accountability Act 2013 (PGPA Act) establishes a system of governance and accountability for Commonwealth entities, including financial management and broader governance.
- Commonwealth entities have obligations under the Public Interest Disclosure Act 2013 to handle disclosures concerning their agency and officials, investigate suspected wrongdoing, and manage reprisal risks.
- The Commonwealth Ombudsman investigates complaints about agencies' handling of public interest disclosures and ensures fair, transparent, and efficient administrative processes.
- The Commonwealth Fraud Prevention Centre provides information and advice on fraud prevention initiatives and legislative changes to improve fraud prevention nationwide.
State/Territory Tier:
Each state or territory has its own set of laws and regulations that businesses must comply with, including those specific to money transfer services.
Local Council Tier:
Local councils may have licensing and permit requirements for operating a business, including money transfer services.
Additionally, when operating a money transfer business in Australia, it is crucial to comply with financial regulations enforced by ASIC (Australian Securities and Investments Commission) and AUSTRAC (Australian Transaction Reports and Analysis Centre). ASIC ensures compliance with financial services laws, while AUSTRAC focuses on preventing money laundering and terrorism financing. AUSTRAC also maintains a Remittance Sector Register, and all money transfer businesses must register with them before providing remittance services.
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Know the definition of a remittance service provider
In Australia, a remittance service provider is defined as an individual, business, or organisation that accepts instructions from customers to transfer money or property to a recipient. These providers are also referred to as "money transfer businesses".
Remittance services have long been used in non-Western societies, and they are particularly important for ethnic communities to send money or goods back to their country of origin. In recent years, however, they have come under stricter regulation due to concerns over the financing of terrorist activities and the illegal movement of criminal proceeds.
In Australia, remittance service providers must register with AUSTRAC and be recorded on their Remittance Sector Register before providing any services. AUSTRAC issues separate registrations for different types of remittance service providers, such as 'remittance network providers' (RNPs) and 'independent remittance dealers'. RNPs allow affiliates to use their brand, products, platforms, or systems to provide remittance services, while independent remittance dealers use their own infrastructure to provide these services.
All remittance service providers in Australia are required to renew their registration every three years. AUSTRAC also provides resources for providers to protect their business from crime and guidance on reporting suspicious matters, transaction thresholds, and international funds transfer instructions.
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Renew your registration every three years
To register a money transfer business in Australia, you must register with AUSTRAC before you can provide remittance services. AUSTRAC is the Australian Transaction Reports and Analysis Centre. Remittance service providers are also referred to as 'money transfer businesses'.
Registration with AUSTRAC is issued for a set period and must be renewed every three years. This is a key requirement for running your remittance business in a compliant manner. All remittance service providers in Australia are subject to this rule. To renew your registration, you must complete the AUSTRAC Business Profile Form available on the AUSTRAC website.
AUSTRAC defines remittance providers/money transfer businesses as: "A remittance service provider is an individual, business or organisation that accepts instructions from customers to transfer money or property to a recipient."
Remitters must apply to appear on AUSTRAC's Remittance Sector Register. It is an offence under the AML/CTF Act to provide remittance services if an individual or business is not registered with AUSTRAC. Operating a money transfer business without a license is illegal in Australia.
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Frequently asked questions
Yes, operating a money transfer business without a license is illegal in Australia. Money transfer companies are referred to as remittance service providers and must be registered with AUSTRAC and recorded on their Remittance Sector Register.
To register your business, you must complete the AUSTRAC Business Profile Form available on their website. You may also be asked to provide additional information as part of the registration process. AUSTRAC may take up to 90 days to make a decision.
All remittance service providers in Australia are required to renew their registration every three years.
There are several ongoing requirements and obligations that remittance and Money Transfer Providers face when running their businesses. You can use the ablis.business.gov.au service to find the government licences, permits, approvals, registrations, codes of practice, standards and guidelines you need to meet your compliance responsibilities.
