Australia Has Kicked 45 Crypto and Money Transfer Firms Off Its Registers
Australia's financial crime regulator has struck 45 remittance and virtual asset service provider (VASP) registrations from its registers. The cancellations, suspensions, and refused renewals span the past year.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has referred individuals behind some of those businesses to law enforcement.
Why Australia Pulled 45 Crypto Firms Off Its Registers
AUSTRAC listed several grounds for the actions. Some businesses were dormant or inactive, and some were insolvent. Others had gone long stretches without providing any designated service at all.
A lack of operational capacity also prevented some from starting or continuing to trade. Some held the wrong registration or failed to notify AUSTRAC of material changes to their operations.
The remainder posed a significant risk of money laundering or terrorism financing.
"The rapid movement of money across borders can create some of the highest ML/TF risks," CEO Brendan Thomas said. "Financial crime operates across borders, and we work closely with our domestic and international partners to strengthen the financial system not just in Australia, but globally."
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