Posted April 17, 2020
Posted By Meghann Cannon
Remittance network providers to be caught by AUSTRAC reporting obligations
Published 13 November, 2018
Under draft rules released by AUSTRAC for public consultation, the annual compliance reporting obligations for reporting entities will also apply to remittance network providers. Remittance network providers have previously been excluded from the requirement to submit an annual compliance report due to the lack of functionality of the report to account for the structure of remittance network providers and their network of affiliates. However, with the recent revamp of the report, this functionality has been included and remittance network providers will be subject to this annual obligation. Affiliates of remittance network providers will still be exempt, providing they are not providing services in addition to their remittance services that are otherwise caught by the AML regulations.