Oh, the audacity of these crypto exchanges and remittance providers! Fear not, dear reader, for Australia’s financial watchdog, AUSTRAC, has decided to put an end to their shenanigans. In a year-long “blitz” (as they so dramatically call it), they’ve targeted those who dare to defy compliance standards.
AUSTRAC, the Australian Transaction Reports and Analysis Center, has taken strict action against 13 providers while keeping over 50 others under scrutiny for potential violations. CEO Brendan Thomas emphasized that these alerts serve as a warning and could lead to stricter regulatory measures.
In a separate enforcement action, Zipmex Australia Pty Ltd and FTX Express Pty Ltd lost their Digital Currency Exchange Register status following insolvency. In December 2024, the Australian government agency ASIC filed a lawsuit against Binance Australia Derivatives allegedly wrongly categorized over 500 regular customers as wealthy investors.
AUSTRAC Rejected Six Business Renewals Over Criminal Links, Others Face Action
AUSTRAC rejected renewal applications for six businesses due to key personnel’s involvement in serious criminal activities. Individuals associated with Auaisa Trading Pty Ltd, Amco Travelling and Exchange Pty Ltd, Blue Star Exchange Pty Ltd, B-Paywize Pty Ltd, W Solution Group Pty Ltd, and TSS Farms & Group Pty Ltd faced convictions, prosecutions, or charges that raised integrity concerns.
Since early 2024, AUSTRAC has issued compliance reminders to 106 entities across multiple financial sectors. With 417 digital currency exchanges and 5,112 remittance businesses registered in Australia, the agency remains vigilant in enforcing anti-money laundering and counter-terrorism financing laws.
AUSTRAC has emphasized that non-compliant operators will face consequences. Businesses failing to meet obligations should expect regulatory action, Thomas warned, underscoring the agency’s firm approach to enforcement. Thomas said:
“Businesses working in this space who are not meeting their obligations can expect to hear from us.”
The regulator has uncovered widespread under-reporting and non-reporting in remittance services and crypto exchanges. Reports from these sectors play a crucial role in supporting law enforcement efforts to combat financial crime. AUSTRAC’s intelligence contributes to thousands of criminal investigations each year.
Read More
- Fauji director Hanu Raghavapudi shares BIG update on Prabhas starrer period war drama; ‘We have created…’
- Lucky Cast: Annette Bening Joins Anya Taylor-Joy Apple TV+ Show
- First Look At BioShock And Borderlands Veterans’ New Game Wartorn
- Prithviraj Sukumaran reviews Ajith Kumar starrer Vidaamuyarchi trailer: ‘It is one of the finest…’
- Bigg Boss Tamil 8 Finale: Did Muthukumaran emerge as the winner of Vijay Sethupathi-hosted show? Find out
- Who Is Noah Kahan Engaged to? Brenna Nolan’s Job & Relationship History
- WATCH: Ajith Kumar celebrates his winning moment with a lip-lock kiss with wife Shalini on the racing track
- Who Is Randy Orton’s Wife? Kim’s Job & Relationship History
- Who Is Cameron Mathison’s Ex-Wife? Vanessa’s Job & Relationship History
- Madison Prewett & Grant Troutt Welcome First Baby, Name Her Hosanna Rose
2025-02-17 13:04