Remittance registration actions

17-APR-2014


Remittance Sector Register

Cancellation of registration of remittance providers

Pursuant to section 75G of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), a delegate of the AUSTRAC Chief Executive Officer (CEO) may cancel the registration of a designated remittance provider from the Remittance Sector Register (RSR) if satisfied that it is appropriate to do so having regard to:

  • whether the continued registration of the person involves, or may involve, a significant money laundering, financing of terrorism or people smuggling risk; or
  • one or more breaches by the person of a condition of registration; or
  • other matters as are specified in the AML/CTF Rules.

It is an offence, under section 74 of the AML/CTF Act, for a person to provide a registrable designated remittance service if not registered.

A person affected by the cancellation of a registration has 30 days from when they are informed of the decision to apply to the AUSTRAC CEO for the decision to be reconsidered.

Cancelled registrations of remittance providers:

Date Entity name
14 April 2014 Fast Exchange Pty Ltd


Removal from Register of Providers of Designated Remittance Services

Pursuant to paragraph 44.2 of the AML/CTF Rules the AUSTRAC Chief Executive Officer (CEO) may remove a person's name and registrable details from the Register of Providers of Designated Remittance Services (PDRS) if he is of the opinion that the consequences of keeping that person's name and registrable details on the Register of PDRS constitute an unacceptable money laundering or terrorism financing risk.

It is an offence, under subsection 74(2) of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, for a person to provide a registrable designated remittance service if the person's name and registrable details are not entered on the Register.

Once the AUSTRAC CEO has removed a person's name and registrable details from the Register of PDRS the AUSTRAC CEO must within seven days give the person written notice of the removal.

Names removed from Register of Providers of Designated Remittance Services :

Date Entity name
14 October 2010 Thi Kim Hong Tran
12 January 2011 Cyril Ihemeje

17-APR-2014

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