FREQUENTLY ASKED QUESTIONS
Why should I join ARCPA?
ARCPA is the national industry association for all remittance and currency exchange providers. ARCPA is focused and committed to promoting a high level of compliance and proficiency across the sector and working with the relevant stakeholders on de-banking. By joining ARCPA you will gain access to the ARCPA Certification Program, offers from educational and vendors to assist with your AML/CTF obligations and the latest information and updates on the de-banking issue and possible solutions.
What does the ARCPA do for me as a member?
By joining ARCPA you will gain access to the ARCPA Certification Program, offers from educational and vendors to assist with your AML/CTF obligations and the latest information and updates on the de-banking issue and possible solutions.
What do I have to do as an ARCPA member?
As an ARCPA member, we expect you to consider progressing through the ARCPA Certification Program. The ARCPA Certification Program has been recognised as a world-first best practice standard for the industry and considered by AUSTRAC as a “step in the right direction” for businesses wanting to demonstrate comply with their AML/CTF and Sanctions obligations.
If I join ARCPA will I get a bank account?
ARCPA cannot obtain a bank account for a business as a bank will need to conduct its own due diligence of any business. ARCPA believes that by completing the ARCPA Certification, the business demonstrates that it complies with its AML/CTF and Sanctions obligations and that gives the business the best chance to obtain a bank account.
Can ARCPA build my AML/CTF Program for me?
No, ARCPA does not build AML/CTF Programs for businesses and does not provide AML/CTF consulting services.
What types of businesses does ARCPA support?
ARCPA supports businesses that conduct remittance (money transfers) and currency exchange businesses.
What is ARCPA Certification?
The ARCPA Certification is an industry accreditation program that establishes the benchmark of AML/CTF and Sanctions compliance best practice for the registered remittance providers and enrolled currency exchange providers industry in Australia.
What Education does ARCPA provide?
ARCPA conducts webinars on relevant and topical areas specific to AML/CTF and Sanctions compliance. We work with industry experts and subject matter experts (including AUSTRAC) to develop content addresses specifically for this industry.
We also work with external vendors who can offer educational courses at discounted prices for our members.
Where can I go for more AML/CTF or Sanctions assistance?
If you are looking for assistance with AML/CTF or Sanctions we can help provide options for you to consider. We do not endorse any consultants or businesses but can provide the options for you to consider for yourself.
We also recommend contacting or referring to the AUSTRAC (AML/CTF) and DFAT (Sanctions) websites for more information. The AUSTRAC Compliance Guide is very useful resource for reporting entities.
What is ARCPA doing about de-banking?
We have been working with all the relevant stakeholders and engaged with the banks to try to find solutions to assist our members to obtain and keep their bank accounts.
We keep our members updated on the progress of these engagements.
Australian Remittance and Currency Providers Association is the National industry body for remittance and foreign exchange businesses. ARCPA represents a significant portion of the industry as general members.
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