MoneyGram, one of the world’s largest remitters, fined $122,400 by AUSTRAC

One of the world’s largest remittance network providers has been fined $122,400 for contraventions of Australia’s anti-money laundering and counter-terrorism financing laws.

MoneyGram Payment Systems, Inc. has paid a $122,400 infringement notice issued by the Australian Transaction Reports and Analysis Centre (AUSTRAC) for providing money remittance services through unregistered remittance businesses.

MoneyGram has approximately 800 affiliates in Australia and is part of a global network of agents across more than 200 countries and territories. 

As a result of an AUSTRAC compliance assessment in 2014, MoneyGram advised AUSTRAC that it had provided remittance services through six affiliate businesses that were not registered with AUSTRAC. In determining its enforcement approach, AUSTRAC took into account the voluntary disclosure. 

AUSTRAC CEO Mr Paul Jevtovic APM said: 'The money remittance sector is recognised internationally as being particularly vulnerable to exploitation by criminals.

'We closely supervise Australia’s remittance sector to ensure remitters implement the necessary measures to identify, manage and mitigate money laundering and other risks.

'Businesses that do not comply with their AML/CTF obligations risk exploitation by criminals, regulatory action by AUSTRAC and serious reputational damage.'

All businesses providing remittance services must be registered with AUSTRAC on the Remittance Sector Register. It is an offence to provide remittance services and not be registered.

AUSTRAC publishes a public version of the Remittance Sector Register on its website so customers and other businesses can check the registration status of a remitter, including any registration conditions, before doing business with that remitter. 


Available for interview:  AUSTRAC CEO, Paul Jevtovic APM, is available for interview. 

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The infringement notice can be viewed on the Infringement notices issued by AUSTRAC page.


About AUSTRAC: 

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.

Further information about AUSTRAC is available on our Media centre page.

Last modified: 17/08/2015 10:35