Remittance service providers have had an obligation to register with AUSTRAC since the commencement of the AML/CTF Act. From 1 November 2011, this obligation is enhanced and all remittance service providers are required to reregister with AUSTRAC. This module outlines these obligations.
Remitters must both enrol and register with AUSTRAC.
In addition to enrolment and registration remitters have further obligations as reporting entities. Information on AML/CTF reporting can be found in the Reporting Obligations module.
Objectives
In this module, we will address the following questions:
- What is a remittance service?
- What is alternative remittance?
- What are the different types of remittance service providers under the AML/CTF Act?
- Why do remitters have to register?
- What do remitters need to do to apply for registration?
- Where are the registration forms located?
- Under what circumstances will registration be refused, cancelled or suspended?
- What review rights does a person have for a decision to cancel, refuse or suspend registration?
- How do remitters update their registration details?
- Does a remitter have to renew its registration?
- What is the legal basis for registration?
Your key learning objectives will be to respond effectively to each of the questions listed above. |