Money Transfer Business / Remittance Provider in Australia
Operating a money transfer business without a license is illegal and a crime in many countries and Australia is no exception. Money transfer companies are also referred to as remittance service providers in Australia. To conduct business legally, all such firms in the country should be registered with AUSTRAC and recorded on their Remittance Sector Register.
Austrac defines remittance providers/money transfer businesses as:
A remittance service provider is an individual, business or organisation that accepts instructions from customers to transfer money or property to a recipient. Remittance service providers are also known as ‘money transfer businesses’.
How to Apply for a Money Transfer License in Australia?
As a money transfer/remittance provider in Australia, you must register with Austrac before you can provide remittance services. Conducting a remittance business in Australia without being registered is illegal.
Austrac identifies remittance providers as the following three types:
- Remittance network provider (RNP)
- Affiliate of a remittance network provider
- Independent remittance dealer
To start your registration process with Austrac, you need to fill in a registration form. As part of the registration process, submitting the following documents/information is mandatory:
- Services you intend to offer
- Business structure
- Business contact details
- Name and details of your business’ key personnel
- Financial statements
- Registration numbers – ABNs or ACNs (if you have them)
- Registration details if your company is registered in a foreign country
- Official police document for each key personnel of your business. Accepted documents include
- National Police Certificate
- Foreign equivalent of a National Police Certificate
- National Police History Check
- Criminal, civil or enforcement action related to your business or the key personnel of your business
- Your expected date to start your remittance service
Time Required to Obtain a License
Once you have submitted the application form, Austrac may take up to 90 days to come up with a decision. You may also be asked to provide additional information as part of the registration process.
All remittance service providers in Australia are required to renew their registration every three years.