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AUSTRAC clamps down on remittance non-compliance

AUSTRAC has cancelled the registrations of Ghadir Group Pty Ltd and Treasure Chest Trading Pty Ltd due to ongoing non-compliance resulting in unacceptable money laundering and terrorism financing risk.

Both entities were registered as independent remittance providers and owned by the same individual. They were both operating in Auburn, New South Wales.

Cancellation of AUSTRAC registration removes an organisation’s ability to conduct financial transactions in Australia.

AUSTRAC CEO Nicole Rose PSM said it is imperative that remittance businesses adhere to Australia’s anti-money laundering and counter-terrorism financing laws.

“The remittance sector is a key part of Australia’s financial system, but it is also vulnerable to exploitation by criminals,” Ms Rose said.

“Remitters that do not take their obligations seriously pose a threat to the community by opening the door for criminals and terrorist groups to conceal and move money through the financial system.”

“This supports crimes such as drug trafficking, child sex abuse and terrorist attacks. This is unacceptable and we will take action to remove this weakness in the financial system,” Ms Rose said.

The non-compliance activity identified leading to these cancellations included:

  • Both entities repeatedly failed to meet prescribed reporting timeframes for Threshold Transaction Reports (TTRs) and International Funds Transfer Instructions (IFTIs) despite repeated warnings.
  • Both entities submitted multiple false or misleading reports to AUSTRAC, including reports relating to individuals with no association with their business.

AUSTRAC actively monitors the activities of all registered businesses and will continue to take action against businesses that pose an unacceptable risk of criminal exploitation.

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