You will require this registration if you intend to provide remittance services through a remittance network operated by a registered remittance network provider.
A remittance service involves using agents to transfer money from people in Australia, to pay people in another country. Remittance services may use their own electronic payment system, or other informal systems, allowing international money transfers to take place outside conventional banking. You are providing a remittance service if you are a non-financier and:
- you accept an instruction for the transfer of money or property under a remittance arrangement
- you make money or property available, or arrange for it to be available, to a transferee under a remittance arrangement.
An affiliate designated remittance provider has an agreement with a remittance network provider to use the network's brand, products or systems to provide the remittance service.
