Australia Removes 45 Remittance and Crypto Providers From AML Registers
Australia removed 45 remittance and virtual asset businesses from its anti-money laundering registers over the past year. The Australian Transaction Reports and Analysis Centre (AUSTRAC) disclosed the figure today (Monday), combining cancellations, suspensions and refusals to renew registrations.
The consequence is immediate. A canceled registration stops a provider from operating the covered service. AUSTRAC said it referred people behind some providers to law enforcement and regulatory partners in Australia and overseas.
No category breakdown was published. AUSTRAC's reasons ranged from dormancy and insolvency to registration failures, missed notifications and money laundering or terrorism financing risk.
GetCoins Website Still Claims AUSTRAC Enrollment
AUSTRAC singled out BA Digital Ventures Pty Ltd, trading as GetCoins, after customer complaints reached the National Anti-Scam Centre. It requested information to assess GetCoins' ability to manage money laundering risk.
AUSTRAC can refuse an application, impose registration conditions, suspend a provider or cancel its registration when it identifies an unacceptable financial crime risk. The latest announcement also covers businesses that could not demonstrate the capacity to start or continue trading.
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