From 1 November 2011 new registration requirements apply to providers of designated remittance services (remitters).
Categories of remitters
The three new categories of remitters that are regulated are:
- remittance network provider: an organisation that operates a network of remittance affiliates by providing the systems and services that enables its affiliates to provide remittance services
- affiliate of remittance network provider: a business that provides remittance services to customers as part of a remittance network facilitated by a remittance network provider
- independent remittance dealer: a business that provides remittance services to customers using their own systems and processes, independent of a remittance network.
New registration scheme
All remitters need to be registered with AUSTRAC under the new registration scheme and will need to reapply for registration (renewal) every three years.
The new registration scheme:
- requires a person seeking registration to provide the AUSTRAC CEO with information relevant to their suitability for registration
- allows the AUSTRAC CEO to obtain information from other persons to determine whether the person is suitable to be registered
- allows the AUSTRAC CEO to refuse, suspend, cancel or impose conditions on the registration of a remittance network provider, remittance affiliate or independent remittance dealer. The applicant or registered remittance provider will also be able to make an application to request an independent review of a decision by the AUSTRAC CEO
- allows the AUSTRAC CEO to issue infringement notices for certain breaches of registration requirements
- requires remittance network providers to undertake some AML/CTF Act reporting obligations on behalf of their affiliates
- establishes a new Remittance Sector Register (which will eventually replace the current Register of Providers of Designated Remittance Services).
Transition to the new registration scheme
Remitters that are already registered with AUSTRAC need to register under the new registration scheme once it comes into operation from
1 November 2011:
- independent remittance dealers have up until 30 April 2012 to apply for registration
- remittance network providers have up until 31 October 2012 to apply for registration for themselves and their affiliates.
Remitters can complete their registration through AUSTRAC Online.
Internal review of certain decisions
You may apply for an internal review of a decision that was made pursuant to sections 75B, 75C, 75E, 75G or 75H of the AML/CTF Act. These include decisions to refuse an application for registration on the remittance sector register, suspend registration, cancel registration and impose conditions on registration.
If you seek internal review of these decisions, please download and complete the Application for internal review of an AUSTRAC decision form and return it to AUSTRAC as instructed.
Further information
Remitter registration FAQs (PDF, 175KB)
AUSTRAC business profile form explanatory guide (PDF, 1.2MB)
