The Australian Transaction Reports and Analysis Centre issued Revolut Payments Australia Pty Ltd with an infringement notice totalling AUD 187,800 after Revolut notified the regulator that it had submitted international funds transfer instructions late under the Anti-Money Laundering and Counter Terrorism Financing Act. Revolut paid the infringement notice in full, and payment is not an admission of liability. Revolut, a remittance service provider, self-disclosed the late reporting failures and then submitted the outstanding reports and remediated its controls. AUSTRAC reiterated that it treats late reporting seriously because timely international funds transfer reports support the detection and disruption of financial crime and provide actionable intelligence to law enforcement, noting that remittance and payment platform services are attractive for cross-border criminal fund flows and can be vulnerable to payments linked to child exploitation material. The action also aligns with AUSTRAC’s stated focus on payment platforms and its national risk assessment, which identifies remitters, including payment platforms, as posing a high and stable money laundering vulnerability.
Australian Transaction Reports and Analysis Centre (AUSTRAC) 2025-09-02
Australian Transaction Reports and Analysis Centre issues AUD 187,800 infringement notice to Revolut Payments Australia for late international funds transfer reporting
AUSTRAC fined Revolut Payments Australia Pty Ltd AUD 187,800 for late international funds transfer reports under the Anti-Money Laundering and Counter Terrorism Financing Act. Revolut self-reported, submitted overdue reports, and enhanced controls. AUSTRAC stressed timely reporting's role in detecting financial crime and noted payment platforms' vulnerability to cross-border crime.