Legitimate Money Remittance Providers in AustraliA
ARCPA is committed to promoting good, professional and legitimate money remittance providers in Australia. ARCPA is also committed to encouraging ethical and equitable behaviour by members through the development of industry standards and creating “level playing fields” and competitive markets. To that end and in the interest of our industry, we would like to work with the regulator and authorities to remove the illegitimate remittance providers.
To report a business or person who you believe to be an illegal or illegitimate remittance provider or providing services which are not registered with AUSTRAC, please complete this form:.
To report a business or person who you believe to be an illegal or illegitimate remittance provider or providing services which are not registered with AUSTRAC, please complete this form:.
To help you understand what a legal or legitimate money remittance provider consists of, please refer to the following:
http://austrac.gov.au/businesses/enrolment-and-remitter-registration/enrolment-and-registration
http://austrac.gov.au/businesses/enrolment-and-remitter-registration/remittance-sector-register
Businesses should not employ undocumented, anonymous and informal fund transfers that avoid having a money trail for regulators and law enforcement agencies to conduct their monitoring and supervision. There should be formal checks and balances with an audit trail for auditors and government enforcement agencies to conduct their reviews.
- Enrolment and Registration with AUSTRAC
http://austrac.gov.au/businesses/enrolment-and-remitter-registration/enrolment-and-registration
http://austrac.gov.au/businesses/enrolment-and-remitter-registration/remittance-sector-register
- AML/CTF Compliance Program
- Collecting and verifying customer identification
- Transaction monitoring system including PEP screening
- Reporting of IFTI and TTR
- Reporting of suspicious matters
- ML/TF risk awareness training
- Record keeping
- Sanctions Compliance Program
- Representation to the Banks
- Management of Customer Funds
- Unlicensed or unregulated remittance
Businesses should not employ undocumented, anonymous and informal fund transfers that avoid having a money trail for regulators and law enforcement agencies to conduct their monitoring and supervision. There should be formal checks and balances with an audit trail for auditors and government enforcement agencies to conduct their reviews.
- Treasury and Foreign Exchange