Perth remitter registration not renewed

AUSTRAC has not renewed the registration of Global Forex (Perth) Pty Ltd as an independent remittance dealer on the Remittance Sector Register. It is now illegal for the business to provide remittance services.

Registration was suspended on 27 July 2015, after a joint investigation by the WA Police Organised Crime Squad, AUSTRAC and Australian Crime Commission (ACC) resulted in charges relating to international money transfers.

Intelligence gathered during this investigation also led to the seizure of 4.65jg of methylamphetamine and $466,500.

Remitters are required to have systems and controls in place to identify, mitigate and manage the risk of being misused by criminals, and have a range of reporting responsibilities  in the AUSTRAC compliance guide (http://austrac.gov.au/businesses/obligations-and-compliance/austrac-compliance-guide)

This is the 11th entity to have their registration cancelled or not renewed since the remittance sector register was established in November 2011

Read the media release: http://austrac.gov.au/media/media-releases/perth-remitter-registration-not-renewed

Understand your obligations – customer due diligence

Customer due diligence (CDD) is essential in keeping Australia safe from money laundering and terrorism financing.

You need to identify and verify each of your customers so you can:

- Determine if there is a money laundering or terrorism financing risk

- Decide if you should proceed with a business relationship or transaction

- Assess if future monitoring is required

Keep across your obligations by reading Customer due diligence (http://austrac.gov.au/businesses/obligations-and-compliance/customer-due-diligence) in our free online compliance guide.