Third Party Signatory requirements

Austrac has issued an information circular clarifying which account signatories must be identified by cash dealers under the Financial Transaction Reports Act.

A key quote:

Any individual who has the ability to authorise a debit transaction for an account is considered to be a signatory to that account and therefore must be identified by the cash dealer offering the account. This applies regardless of the signatory being a third party acting as a professional for their client, an authorised staff member of an entity, the formal holder of the account, or a subsidiary card-holder of the account (if applicable).

The circular also deals with an individual who has ‘authorising officer’ access to a software-based product used to transmit electronic payment instructions to a cash dealer in relation to an account.

Print Friendly, PDF & Email

Your Compliance Support Plan

We understand you need a cost-effective way to keep up to date with regulatory changes. Talk to us about our fixed price plans.