Remittance Fraudsters? Is your Money safe? Hear what AUSTRAC has to say.

  • ERemit
  • 2 minutes read

Have you noticed recently, AUSTRAC being on high alert against fraudsters in the remittance industry? The recent campaigns AUSTRAC ran is pointing towards this. We think we are safe from legal liabilities and our money is secure when we approach our trusted grocery shop vendors in our locality or when sending money through a random App which show unbelievable promises.

Have you ever had a second thought? Have you ever checked if they are licensed to send money? Ever bothered if they are AUSTRAC regsitered? May not be. Start checking, else you may end up in legal trouble and financial loss. We are happy when our provider does not ask us to fill a document, asks no ID proofs we are delighted. It pisses us off when the providers ask for additional information to process our money transfer. We feel they are too intrusive or is trying to extract our personal information for making marketing gains. This may not be the case always.

  • Do not panic if your remittance provider asks you for more details. They are trying to understand if you are a genuine sender; in compliance with the AUSTRAC regulations.
  • A good provider would ask you to fill a detailed form in which they ask you questions related to your transactions, which AUSTRAC has instructed them to comply with.
  • The provider’s aim is to ensure that there is no Money Laundering and Terrorism Financing happening. AUSTRAC is helping us to have a safer world.
  • Did you know? Many of the multimillion companies, who are the forerunners in remittance business, have been fined time to time for compliance breaches. So, beware whom you send money through!
  • Check thoroughly on the reputation of your remittance provider before running behind unbelievably good promotions. Verify if they are registered with AUSTRAC. That is the primary thing to do before any transaction.