The Australian Transaction Reports and Analysis Centre (AUSTRAC) has launched a registration blitz aimed at removing inactive independent remittance businesses from its register, urging firms to voluntarily withdraw their registrations or risk cancellation. More than 900 independent remitters are registered with AUSTRAC, but the agency believes a large proportion may be inactive. AUSTRAC argued that dormant registrations can be bought and taken over for illicit purposes and may mislead the public by implying regulatory legitimacy without guaranteeing compliance. Remittance providers must be registered to legally offer money transfer services and must meet Anti-Money Laundering and Counter-Terrorism Financing Act obligations, including keeping ownership and activity status up to date; consumers are also encouraged to check AUSTRAC’s remittance sector register before using a provider. AUSTRAC indicated it will cancel registrations where inactive businesses do not voluntarily de-register, and pointed to a recent digital currency exchange register blitz that led to 22 voluntary withdrawals and a further 100 businesses slated for cancellation. It also said it will soon provide a public version of the digital currency exchange register.
Australian Transaction Reports and Analysis Centre (AUSTRAC) 2025-08-06
Australian Transaction Reports and Analysis Centre warns inactive independent remitters to de-register or face cancellation
AUSTRAC has launched a registration blitz to remove inactive independent remittance businesses, urging voluntary withdrawal or risk cancellation. Dormant registrations can be exploited for illicit activities and mislead the public. The agency will cancel registrations of inactive businesses that don't de-register voluntarily, following a similar effort in the digital currency exchange sector.