Remitter Registration requirements for reporting entities that
provide other designated services
These rule changes follow the good news from June when AUSTRAC
issued
revised guidance narrowing its view of remitter registration
and IFTI-DRA reporting requirements. The changes relate to
circumstances where a reporting entity that provides another
designated service (that is not a designated remittance
arrangement) may incidentally to that activity also, on occasion,
remit funds overseas. AUSTRAC's view is, now, that this
scenario does not amount to providing a remittance service, as long
as these transactions are conducted through a financial
institution.
Examples of reporting entities potentially affected (identified
by AUSTRAC in its guidance) are online gaming providers,
stockbrokers, managed investment schemes, custodians and businesses
in the superannuation sector. Any reporting entity in these
industries may be required to send funds overseas on behalf
