Remittance services and digital currency exchange providers are registered entities.
Period of registration (all entity types)
Registrations are valid for three years from the date of registration, unless the entity has been removed, suspended or cancelled before this time.
Registrations expire at the end of the three year period unless a renewal application is submitted before the date when the registration ceases (expiry date).
- If you are an independent remittance provider, remittance newtwork provider or digital currency exchange provider you will receive an email from AUSTRAC 90 days before your registration expires advising how and by what date you need to renew your registration.
- If you are an Affiliate of a remittance network provider (RNP) you must contact your RNP to renew your registration.
- If you are an RNP, you must apply to renew the registration of your affiliates.
Remittance network provider
If you are an RNP you can apply to renew your affiliate's registration up to 90 days before the expiry date of the registration.
As long as an application for renewal of the affiliate's registration is submitted before the expiry date, the affiliate's registration will continue until AUSTRAC decides to renew, or refuse to renew, that affiliate.
If you do not submit an application for your affiliate’s renewal before the expiry date:
- the affiliate's registration will cease on the expiry date
- the affiliate will be removed from the Remittance Sector Register
- the affiliate will not be permitted to continue to provide remittance services (see Chapter 70.21 of the Rules)
Lapses in affiliate registration
If an affiliate's registration expires but the unregistered affiliate wants to continue providing remittance services for you (the RNP), you are required to complete the full registration process again by submitting a new application for registration of your affiliate.
Offence of transacting while unregistered
If remittance services are being provided through an independent remittance provider the independent remitter must be registered.
If digital currency exchange services are provided through a digital currency exchange provider the digital currency exchange provider must be registered.
If remittance services are being provided through a registrable remittance network, both the RNP and the affiliate must be registered.
It is an offence for a RNP to provide registrable remittance network service if the RNP is not registered. Similarly, a remittance affiliate commits an offence if they purport to offer remittance services as part of a registrable remittance network operated by a RNP, but the affiliate is not registered.
AUSTRAC can assist reporting entities, their staff and the public in providing general information relating to the AML/CTF Act and AML/CTF Rules.
Enquiries can be directed to the AUSTRAC Contact Centre:
- email firstname.lastname@example.org
- phone 1300 021 037 (a local call within Australia).
The information contained in this document is intended only to provide a summary and general overview on these matters. It is not intended to be comprehensive. It does not constitute, nor should it be treated as, legal advice or opinions. This document may contain statements of policy which reflect AUSTRAC's administration of the legislation in carrying out its statutory functions.
The Commonwealth accepts no liability for any loss suffered as a result of reliance on this publication. AUSTRAC recommends that independent professional advice be sought.
The information contained herein is current as at the date of this document.