gn_1203_remittance_network_provider.doc

gn_1203_remittance_network_provider.doc - Guidance note...

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Guidance on what constitutes a remittance network provider (RNP) Anti-Money Laundering and Counter-Terrorism Financing Act 2006 ( AML/CTF Act ) 1.1. Introduction 1.1. The purpose of this guidance note is to provide assistance to remittance service providers in determining whether they are required to register as a remittance network provider. 1.2. All remitters are required to be registered with AUSTRAC before they provide remittance services. The remittance network provider is also responsible, among other things, for registering its remittance affiliates with AUSTRAC. 1 1.3. Remitters are required to apply for registration as an independent remittance dealer, a remittance network provider or an affiliate of a remittance network provider. It is possible for a remitter to fall within more than one registration category. For example, depending on how it conducts its remittance activities, a remitter may be both an independent remittance dealer and an affiliate of a remittance network provider. 1.4. Refer to AUSTRAC Guidance Note 12/01 – Registration obligations for remittance service providers from 1 November 2011 or the AUSTRAC website for more information about the registration process. 1.2. Defining a remittance network provider 1.5. A remittance network provider is a non-financier 2 who operates a network of persons by providing a platform or operating system where the persons in the network are also non- financiers and provide a designated remittance service by: accepting an instruction from a transferor entity for the transfer of money or property under a designated remittance arrangement (item 31); and/or making money or property available, or arranging for it to be made available, to an ultimate transferee entity as a result of a transfer under a designated remittance arrangement (item 32). 1.6. In simple terms, remittance network providers: operate a network of persons, called ‘affiliates’, who provide remittance services to customers of the network; and provide a shared or common platform or operating system used by their affiliates within the network to provide remittance services. 1 Where an affiliate also provides independent remittance services, the affiliate itself may apply for registration as an affiliate, with the written consent of the relevant network provider. 2 Non-financier means a person who is not: i) an authorised deposit-taking institution ii) a bank iii) a building society iv) a credit union v) a person specified in the AML/CTF Rules. The AML/CTF Rules, at Chapter 23 specify the following persons: a person carrying on an accounting practice a person carrying on a law practice Guidance on what constitutes a Remittance Network Provider (RNP) Page 1 of 8 Issued 01/13 Last updated: N/A Australian Transaction Reports and Analysis Centre Australian Government Guidance note 12/03
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1.3. ‘Operating’ a network of persons or affiliates 1.7. The word ‘operating’ is not defined in the AML/CTF Act. It is AUSTRAC’s view that ’operating’ suggests the exertion of some form of influence
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