Australia’s Anti-Money Laundering regulator has taken action against 13 remittance service providers and crypto exchanges, with over 50 others still being investigated regarding possible compliance issues.
AUSTRAC has taken action against 13 remittance and crypto service providers. More than 50 others are under investigation. The regulator aims to stop non-reporting and underreporting.
AUSTRAC CEO Brendan Thomas said alerts were sent to operators. These alerts warn of possible regulatory action. They highlight concerns about unreported suspicious transactions. Late last year, AUSTRAC canceled, suspended, or refused renewal of nine providers. Two others received conditions on their registrations. Non-compliance could lead to further penalties.
Several companies faced legal issues. Some key personnel had serious charges or convictions. Others failed to meet business requirements. DIGI-SEND E-Money Pty Ltd, Rootie Technology Pty Ltd, and Jinte Net Blockchain Pty Ltd no longer needed registration.
Currencyfair Australia Pty Ltd and Currencyfair Limited missed registration deadlines. They are now operating under conditions. Zipmex Australia Pty Ltd and FTX Express Pty Ltd were removed from the register due to insolvency.
Crypto service providers face regulatory action
AUSTRAC launched an investigation last year. The goal was to identify and eliminate non-compliant providers. The agency found systemic underreporting in the remittance and crypto sectors. Financial intelligence from AUSTRAC helps law enforcement. Reports from providers assist criminal investigations. These businesses play a key role in stopping financial crime.
AUSTRAC records show 417 digital exchanges and 5,112 remittance providers in Australia. Since January 2024, 106 entities received compliance reminders. Further action may follow for non-compliance. Thomas stressed the importance of AML/CTF obligations.
Businesses failing to comply will face AUSTRAC’s scrutiny. The regulator remains concerned about money laundering risks in the crypto sector.AUSTRAC’s Crypto Taskforce will continue its work.
