The Australian Transaction Reports and Analysis Centre (AUSTRAC) reported enforcement action against 13 remittance service providers and digital currency exchanges and issued a further round of compliance alerts as it wraps up a year-long campaign targeting systemic non-reporting and under-reporting of suspicious matters and transactions. In late 2024, AUSTRAC cancelled, suspended or refused registration renewals for nine providers under the Anti-Money Laundering and Counter-Terrorism Financing Act and placed conditions on the registrations of Currencyfair Australia Pty Ltd and Currencyfair Limited, warning that failure to meet the conditions may lead to suspension or cancellation. It also removed Zipmex Australia Pty Ltd (in liq) and FTX Express Pty Ltd (in liq) from the Digital Currency Exchange Register following their insolvencies. The actions cited issues including adverse integrity-related matters involving key personnel at Auaisa Trading Pty Ltd, Amco Travelling and Exchange Pty, Blue Star Exchange Pty Ltd, B-Paywize Pty Ltd, W Solution Group Pty Ltd, and TSS Farms & Group Pty Ltd, and providers no longer operating a business requiring registration (DIGI-SEND E-Money Pty Ltd, Rootie Technology Pty Ltd, and Jinte Net Blockchain Pty Ltd). AUSTRAC said the new alerts are a precursor to possible regulatory action and flagged that more than 50 operators remain in its sights. It reported 417 digital currency exchange and 5,112 remittance registrations nationally and said it has issued 106 obligation reminders since January 2024, with further regulatory action possible for entities that remain non-compliant; concerns about money laundering risks in the digital currency exchange sector will continue to be addressed through its Crypto Taskforce and broader regulatory work.
Australian Transaction Reports and Analysis Centre (AUSTRAC) 2025-02-17
Australian Transaction Reports and Analysis Centre cancels or conditions registrations for 13 remittance and digital currency exchange providers after AML/CTF reporting blitz
AUSTRAC has taken action against 13 remittance service providers and digital currency exchanges after a year-long campaign against non-reporting of suspicious transactions. In late 2024, AUSTRAC cancelled, suspended, or refused renewals for nine providers under the Anti-Money Laundering and Counter-Terrorism Financing Act, imposed conditions on Currencyfair Australia Pty Ltd and Currencyfair Limited, and removed Zipmex Australia Pty Ltd and FTX Express Pty Ltd from the Digital Currency Exchange Register due to insolvency. Compliance alerts were issued, with over 50 operators under scrutiny, highlighting ongoing money laundering risks in the digital currency exchange sector.