AUSTRAC enrolment and registration, AML/CTF compliance preparation, banking account support and fintech software for fintech, payment, remittance, virtual asset and other businesses entering the Australian market.
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What is AUSTRAC
AUSTRAC is Australia’s AML/CTF regulator and financial intelligence unit, responsible for supervising reporting entities and registering remittance and virtual asset service providers.
Why choose Australia?
Established financial market
Operate in a mature financial and payments market with strong banking, technology and professional services infrastructure.
Asia-Pacific market presence
Australia provides a strong base for fintech and payment businesses expanding across the Asia-Pacific region.
Clear regulatory framework
AUSTRAC sets out a defined enrolment and registration framework for businesses providing regulated services in Australia.
AUSTRAC enrolment and registration routes
Not every reporting entity needs AUSTRAC registration. Businesses providing designated services generally need to enrol with AUSTRAC, while remittance and virtual asset service providers must both enrol and register.
01
AUSTRAC enrolment
The general entry point for businesses providing designated services in Australia. Once enrolled, the business is added to AUSTRAC’s Reporting Entities Roll and becomes subject to applicable AML/CTF obligations.
02
AUSTRAC registration for remittance businesses
Remittance service providers must both enrol with AUSTRAC and register before providing remittance services. AUSTRAC may approve the registration, impose conditions or refuse the application.
03
AUSTRAC registration for VASPs
Businesses providing registrable virtual asset services must both enrol with AUSTRAC and register as a VASP. This can cover regulated exchange, transfer and other specified virtual asset services.
How Advapay can support you
If you are planning to establish a regulated fintech, payments, remittance or virtual asset business in Australia, Advapay can support you with company establishment, AUSTRAC enrolment and registration, AML/CTF compliance and operational set-up.
01
Regulatory and market-entry support
We assess your proposed services and operating model and help determine the appropriate regulatory and compliance structure for entering the Australian market.
02
Australian company establishment
We coordinate Australian company formation, corporate structure, ownership information, registered-office requirements and related corporate arrangements.
03
AUSTRAC enrolment & registration support
We support the preparation of AUSTRAC enrolment and registration information, designated-service mapping, ownership and key-personnel information and responses to additional AUSTRAC requests.
04
AML/CTF compliance framework
We help prepare the ML/TF risk assessment, AML/CTF program, customer due diligence procedures, transaction-monitoring framework, reporting processes and internal compliance controls.
05
Banking and operational set-up
We support the preparation of banking and payment infrastructure, funds flows, third-party arrangements and operational processes required for launch.
06
Core banking and digital wallet software
Advapay’s Macrobank platform can support customer management, accounts and wallets, payment workflows, fees and limits, accounting, reporting and integrations with banking, payment and compliance providers.
Key requirements for Australian AML/CTF compliance
Australian AML/CTF compliance requires a structured framework covering governance, risk assessment, customer due diligence, monitoring and operational controls.
01
Corporate and ownership structure
The company’s ownership, beneficial owners, directors, key personnel and operating structure must be clearly identified and documented.
Where an Australian proprietary company is established, it must be registered with ASIC and have at least one director who ordinarily resides in Australia.
02
AML/CTF governance and program
The business must establish an AML/CTF framework appropriate to its activities and risks.
This includes defined governance responsibilities, appointment of an AML/CTF compliance officer, documented policies and procedures, senior-management oversight and an AML/CTF program implemented in practice.
03
ML/TF risk assessment
The business must identify and assess the money laundering, terrorism financing and proliferation financing risks associated with its customers, products, services, delivery channels, transactions and geographical exposure.
04
Customer due diligence
Appropriate customer due diligence procedures must be implemented before and during the customer relationship.
These procedures should address customer identification and verification, beneficial ownership, representatives, PEP and sanctions status and customer risk.
05
Transaction monitoring and regulatory reporting
The business must maintain appropriate systems and procedures for monitoring customer activity, identifying unusual transactions, escalating potential concerns and submitting applicable regulatory reports to AUSTRAC.
06
Record keeping
Relevant customer, transaction, compliance and regulatory records must be maintained in accordance with Australian AML/CTF requirements.
07
Personnel and AML/CTF training
Relevant employees and contractors must understand their AML/CTF responsibilities and receive appropriate training. Personnel due diligence arrangements should also form part of the compliance framework.
08
Independent evaluation
The AML/CTF program must be subject to independent evaluation at intervals appropriate to the nature, size and complexity of the business.
09
Operational and technology controls
The company’s systems and operational processes should support customer onboarding, verification, monitoring, regulatory reporting, record keeping, access controls and compliance workflows.
Application Process
1
Regulatory route definition:
Assessment of the business model and services to determine whether AUSTRAC enrolment and/or registration is required.
2
Compliance framework preparation:
Preparation of the business structure, ML/TF risk assessment, AML/CTF programme and required compliance procedures.
3
AUSTRAC enrolment:
Preparation and submission of the business, ownership, key personnel and designated-service information required for AUSTRAC enrolment.
4
AUSTRAC registration:
Preparation and submission of the additional AUSTRAC registration application and supporting information for remittance or virtual asset services.
Regulator and legislation
AUSTRAC
The Australian Transaction Reports and Analysis Centre (AUSTRAC) is Australia’s financial intelligence unit and AML/CTF regulator.
It supervises reporting entities and administers the registration of Remittance Service Providers and Virtual Asset Service Providers.
Anti-Money Laundering and Counter-Terrorism Financing Act 2006
The AML/CTF Act 2006 is the principal Australian legislation governing AML/CTF obligations for businesses providing designated services.
Anti-Money Laundering and Counter-Terrorism Financing Rules 2025
The AML/CTF Rules 2025 provide detailed requirements supporting the obligations established by the AML/CTF Act.
ASIC and corporate regulation
The Australian Securities and Investments Commission (ASIC) administers Australian company registration.
Company incorporation and AUSTRAC registration are separate regulatory processes, and additional ASIC licensing requirements may apply depending on the financial products or services offered.
Jurisdictions
we cover
We have a strong focus on fintech businesses like digital banks, e-wallets, fiat-crypto wallets, e-commerce banking and remittance.
Jurisdictions
for crypto business
We support crypto businesses. We help you find the right jurisdiction to launch and scale your crypto venture with confidence.
