AUSTRAC Removes 45 Providers from Registers for Failing Registration Requirements
Australia's financial intelligence regulator AUSTRAC has taken action against 45 remittance and virtual asset providers over the past year, removing them from its registers. This includes canceling, suspending, or refusing to renew registrations for businesses that failed to meet requirements under the registration regime.
AUSTRAC CEO Brendan Thomas stated that businesses with canceled registrations can no longer operate. The regulator highlighted its earlier cancellation of GetCoins, a virtual asset service provider, which was linked to disruption of alleged cryptocurrency investment scams.
The AUSTRAC worked with the National Anti-Scam Centre on GetCoins following customer complaints and requested information about the provider's operations to assess its ability to manage money laundering risks. The regulator stated that GetCoins was allegedly exploited by organized cryptocurrency investment scams, and its work helped disrupt this activity.