Australia does not use the term MSB licence. Money remitters and crypto businesses register with the Australian Transaction Reports and Analysis Centre (AUSTRAC), the national anti-money laundering regulator and financial intelligence unit, under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the AML/CTF Act). Remittance providers register on the Remittance Sector Register; crypto businesses register as virtual asset service providers (VASPs).
Registration is national and carries no licensing fee or minimum capital requirement. It is not automatic: AUSTRAC registers a business when it is satisfied the business can manage its money laundering, terrorism financing and proliferation financing risks, and it can refuse, suspend, cancel or impose conditions on a registration. Providing remittance or virtual asset services without registration is an offence.
The AML/CTF Act reforms for remittance and virtual asset services took effect on 31 March 2026, and further businesses, known as tranche 2, came under AUSTRAC regulation from 1 July 2026. This guide describes the regime as it now operates.
Registration applies to a business that provides remittance or virtual asset services to customers in Australia, or from Australia. The main cases are:
Before registering, every regulated business enrols with AUSTRAC, which records it as a reporting entity. Enrolment and registration are separate steps: enrolment applies to every reporting entity, and registration is the additional step for remittance and virtual asset services.
Remittance means accepting an instruction to transfer money or property to a recipient, other than as a bank or other exempt institution. AUSTRAC registers remittance businesses in one of three capacities:
| Registration | Who it suits | Key point |
|---|---|---|
| Independent remittance dealer | A business that runs its own remittance service on its own systems | Carries all obligations itself |
| Remittance network provider | A business that operates a network that other businesses (affiliates) use to send money | Responsible for the network and registers its affiliates |
| Remittance affiliate | A business that provides remittance as part of a network provider's network | Registered on the network provider's application |
The choice follows the business model. A money transfer app with its own payout partners usually registers as an independent remittance dealer; a business offering a network's service at its counter is an affiliate. Registration is renewed every three years.
The amendments to the AML/CTF Act that took effect on 31 March 2026 were the largest change to the regime since 2006. For remittance and crypto businesses, four changes matter most:
The amended Act now holds a Virtual Asset Service Provider Register (Part 6A) alongside the Remittance Sector Register (Part 6), makes it an offence for an unregistered person to provide the regulated virtual asset services (section 76A), and sets the travel rule obligations for virtual asset transfers in section 66A.
From 1 July 2026, tranche 2 businesses such as lawyers, accountants, real estate agents and trust and company service providers also came under AUSTRAC regulation. They are outside remittance and virtual asset registration, but they matter to remittance and crypto businesses as counterparties now carrying their own AML/CTF obligations.
Registration runs in two steps through AUSTRAC Online:
AUSTRAC asks for national police checks for key personnel and beneficial owners, and can request further information before deciding. A business does not provide remittance or virtual asset services until its registration is granted.
| Stage | Typical duration |
|---|---|
| AML/CTF programme, risk assessment and compliance officer | 2 to 4 weeks |
| Enrolment on AUSTRAC Online | Days |
| Registration application and AUSTRAC assessment | Weeks to a few months, longer where AUSTRAC asks for more information |
Our AUSTRAC registration page sets out how the firm prepares remittance and VASP applications.
A registered remittance provider or VASP runs a full AML/CTF programme from its first transaction. The core obligations are:
| Obligation | What it involves |
|---|---|
| AML/CTF programme | A business-specific risk assessment, policies and controls, governed by senior management, with a nominated AML/CTF compliance officer |
| Customer due diligence | Identifying and verifying customers and beneficial owners before providing a service, with ongoing monitoring |
| Suspicious matter reports | Within 3 business days, or within 24 hours where terrorism financing is suspected |
| Threshold transaction reports | Physical currency transactions of AUD 10,000 or more |
| International transfer reports | Reports on international transfers of value into and out of Australia |
| Travel rule | Payer and payee information with transfers of value, including virtual assets |
| Annual compliance report | Lodged with AUSTRAC each year |
| Records | Kept for 7 years |
Registered businesses also keep their enrolment and registration details current with AUSTRAC and renew their registration every three years.
For a VASP, the travel rule is an operating capability rather than a policy. It needs a way to collect and verify payer and payee information, a secure channel to exchange it with other VASPs, wallet screening to identify the counterparty, a process for transfers to and from self-hosted wallets, and a decision process for incoming transfers that arrive without the required information.
AUSTRAC and banks look for evidence that the rule works in practice: the tool used, records of transfers sent and received with their information, and the handling of exceptions. Building it takes time, so it is designed alongside the registration application rather than after it.
AUSTRAC has increased its supervision of both sectors. In August 2025 it urged inactive remittance businesses to withdraw their registrations voluntarily or face cancellation, and directed Binance Australia to appoint an external auditor over anti-money laundering concerns. It has also used infringement notices for late reporting by payment businesses.
The practical lesson for a new registrant is that registration starts a supervised relationship. AUSTRAC reviews compliance reports, reporting quality and timeliness, and the programme itself, and can impose conditions on, suspend or cancel a registration.
AUSTRAC registration covers anti-money laundering only. A crypto or payment business checks the financial services perimeter at the same time, so its structure works for both.
Australia's approach sits between Canada's and the United States'. Like FINTRAC registration in Canada, AUSTRAC registration is national and free, with no capital requirement. Unlike FINTRAC, AUSTRAC assesses suitability before registering and can refuse. Unlike the US, there is no state layer, no surety bond and no net worth test.
| Country | Registration | Capital or bond |
|---|---|---|
| Australia | AUSTRAC remittance or VASP registration, national | None |
| Canada | FINTRAC MSB registration, national | None |
| United States | FinCEN registration plus state licences | Net worth and surety bond in each state |
| United Kingdom | FCA payment institution or EMI permission | Initial capital from €20,000 |
Our guide to obtaining a money transfer licence compares the four countries in more detail, and our comparison of MSB registration in the US, Canada and the UK covers verification.
The firm determines whether and how a business registers, prepares the enrolment and remittance or VASP registration, builds the AML/CTF programme and risk assessment, arranges the compliance officer role, and designs the travel rule process for virtual asset businesses. It also checks the ASIC licensing position so the structure serves both regimes.
No. The equivalent is AUSTRAC registration as a remittance provider or a virtual asset service provider, which is national, free and required before services begin.
The reforms that took effect on 31 March 2026 replaced the digital currency exchange category with a wider VASP framework covering crypto-to-crypto exchange, transfers and custody, and extended the travel rule to virtual assets.
Enrolment takes days; AUSTRAC then assesses the registration application, typically over weeks to a few months, and longer where it asks for more information.
No. It is an anti-money laundering registration, not a prudential licence or an endorsement; an ASIC financial services licence may be needed separately.
An independent remittance dealer runs its own service, a remittance network provider operates a network for affiliates, and a remittance affiliate provides a network provider's service.
Payer and payee information travels with transfers of value, including virtual asset transfers, with procedures for self-hosted wallets and for transfers missing the required information.
No. A business provides remittance or virtual asset services only once AUSTRAC has granted its registration.
Buckingham Capital Consulting prepares AUSTRAC enrolments and remittance and virtual asset service provider registrations, together with the AML/CTF programme and travel rule process AUSTRAC expects. Its regulatory practice has worked on payments and cryptoasset registrations since 2013 across Australia, Canada, the US, the UK and the EU.
Speak to an expert: WhatsApp +44 7563 115980, Telegram @buckinghamcapital or info@buckinghamcapitalconsulting.co.uk.
This article is general information, reviewed against the regulator’s published requirements on the date shown. It is not legal advice; the regulator’s current publications take precedence.