REGULATION | Australia Cancels, Suspends, Refuses 45 Crypto, Remittance Registrations as AML Scrutiny Intensifies

The Australian financial crime regulator, AUSTRAC, has cancelled, suspended or refused to renew the registrations of 45 remittance and virtual asset service providers over the past year tightening its oversight of businesses exposed to money-laundering and terrorism-financing risks.

AUSTRAC said the businesses were removed for reasons including

• lacking the capacity to operate,
• being dormant or inactive,
• failing to provide designated services for extended periods,
• insolvency,
• holding inappropriate registrations, or
• failing to notify the regulator of material changes.

The crackdown comes as Australia steps up scrutiny of high-risk payment channels.

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“Businesses with cancelled registrations can no longer operate and where appropriate, we’ve referred individuals behind these businesses to law enforcement and regulatory partners locally and overseas,” said AUSTRAC CEO, Brendan Thomas.

“Financial crime operates across borders, and we work closely with our domestic and international partners to strengthen the financial system not just in Australia, but globally.”

According to the press release by AUSTRAC: