AUSTRAC Cracks Down on Non-Compliant Crypto and Remittance Firms

Australia's AUSTRAC financial crime regulator has cancelled, suspended, or refused to renew registrations of 45 remittance and virtual asset service providers over the past year.

The cancellations are due to various reasons including lack of 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.

According to AUSTRAC CEO Brendan Thomas, businesses with cancelled registrations can no longer operate and where appropriate, individuals behind these businesses have been referred to law enforcement and regulatory partners locally and overseas.