AUSTRAC cancels registration: Bisotel Rieh Pty Ltd
AUSTRAC has cancelled the registration of remittance provider Bisotel Rieh Pty Ltd (Bisotel Rieh).
This follows the suspension of its registration on 17 September 2014 due to concerns about possible terrorism financing risk.
Announcing the cancellation, AUSTRAC acting CEO John Schmidt noted that Bisotel Rieh was given the opportunity to make a submission on why the cancellation should not proceed.
"On 26 September Bisotel Rieh was advised of AUSTRAC's proposal to cancel the company's registration on 10 November 2014, and offered 28 days to make a submission on why the cancellation should not proceed.
"After considering the submissions presented by Bisotel Rieh to date, we remain sufficiently concerned that the continued registration of Bisotel Rieh may involve a terrorism-financing risk.
"It is an offence for Bisotel Rieh to provide a designated remittance service, and has been since the suspension was put in place in September.
"Anyone thinking of transferring money overseas can go to our website and check the status of a remitter, including any registration conditions, before doing business with them."
Mr Schmidt outlined the importance of the remitter registration scheme, which requires all businesses to be registered with AUSTRAC before commencing to provide remittance services.
"The scheme was established to ensure that remittance service providers implement the necessary measures to identify, mitigate and manage money laundering and other risks.
"The money remittance sector is recognised internationally as being particularly vulnerable to exploitation by criminals.
"AUSTRAC is actively monitoring the behaviour of remitters and we are committed to taking action where it is required," Mr Schmidt said.
Since the AUSTRAC Remittance Sector Register was established in November 2011:
- seven entities have been refused registration
- three other entities have had their registration cancelled
- 17 entities have had conditions imposed on their registration
- one entity’s registration is currently suspended.
Issued by AUSTRAC Stakeholder Relations:
- Telephone: +61 3 8636 0588
- Email: email@example.com
AUSTRAC (Australian Transaction Reports and Analysis Centre) is Australia's anti-money laundering and counter-terrorism financing regulator and specialist financial intelligence unit. AUSTRAC works with law enforcement and other agencies to protect the integrity of the Australian financial system and fight serious crimes such as drug trafficking, tax evasion, fraud and people smuggling.