Remittance network provider (RNP)
An entity that allows affiliates to use its brand, products, platforms or systems to provide remittance services to customers.
See
AML/CTF Act 2006 section 75(C)
Remittance service provider
An entity that accepts instructions from customers to transfer money or property to a recipient. Also commonly known as a ‘money transfer business’. This does not include a business operating as a financial institution such as a bank or credit union.
A ‘registered remittance service provider’ is registered with AUSTRAC. It is against the law to provide remittance services in Australia without being registered.
Reporting entity
An entity that provides any designated services listed under section 6 of the AML/CTF Act. This includes services related to:
- financial services
- gambling
- bullion
- virtual assets
- real estate
- conveyancing
- dealers in precious metals, stones and products
- lawyers
- accountants
- trust and company service providers.
Additional virtual asset-related services will also come under AML/CTF regulation from 31 March 2026.
Learn more on Designated services for newly regulated entities.
All reporting entities must meet obligations under the AML/CTF Act.
Residency
For the purposes of the AML/CTF Act, residency depends on the type of entity.
An individual is a resident of a particular country only if the individual is ordinarily resident in that country.
A company is a resident of a particular country only if:
- the company is incorporated in that country, or
- an individual controls the company and the individual is a resident of that country.
A trust is a resident of a particular country only if:
- any of the trustees is a resident of that country, or
- an individual controls the trust and the individual is a resident of that country, or
- a person benefits or could benefit under the trust (whether directly or through any other companies, partnerships or trusts) and that person is a resident of that country.
A partnership is a resident of a particular country only if a partner is a resident of that country.
A corporation sole is resident of a particular country only if the corporation sole was established in that country.
A body politic of a particular country is a resident of that country.
See
AML/CTF Act 2006 section 14
Reliance
For initial customer due diligence, reliance means relying on customer identification and verification that has been conducted by a third party. The third party can be a reporting entity or a foreign business subject to AML/CTF regulation.
See Reliance on customer identification procedures by a third party.