AUSTRAC Cracks Down on 45 Crypto and Remittance Registrations

Australia's anti-money laundering watchdog, AUSTRAC, has taken action against 45 registrations held by remittance and cryptocurrency businesses over the past year. The agency attributed the actions to several compliance and operational issues, including registration errors, failures to disclose important changes, and substantial exposure to illicit finance and terrorism financing risks.

Some providers had ceased activity or become insolvent, while others were deemed unable to continue operating. In the most serious cases, AUSTRAC identified substantial exposure to illicit finance and terrorism financing risks.

AUSTRAC worked on several cases alongside other authorities, including an alleged crypto investment scam operation that used GetCoins' service. The agency's actions included cancellations, suspensions, and refusals to renew registrations. GetCoins was among the operators highlighted in AUSTRAC's enforcement update, having lost its authorization as a virtual asset provider in June.