AUSTRAC is encouraging inactive digital currency exchange (DCE) businesses to voluntarily withdraw their registrations or risk having it cancelled.
DCEs must be registered with AUSTRAC before they can offer a service to exchange cash for cryptocurrency, or vice versa. This includes cryptocurrency ATM providers.
There are currently 427 registered DCEs but AUSTRAC is concerned that a significant proportion are inactive. AUSTRAC is contacting any DCEs that appear to no longer be trading.
Businesses and individuals bound by the tipping off offence must now consider whether a disclosure could be expected to prejudice an investigation, under changes to the AML/CTF laws that came into force today.
AUSTRAC recently took action against 13 remittance and digital currency exchange providers with more than 50 others still in its sights.
The anti-money laundering regulator is wrapping up a year-long blitz to target non-reporting and under reporting, issuing another round of alerts to the industry’s potentially non-compliant operators.
AUSTRAC CEO Brendan Thomas said alerts are a precursor to potential regulatory action and identify AUSTRAC’s concerns that operators may not be reporting suspicious matters and transactions to AUSTRAC.
AUSTRAC commenced civil penalty proceedings in the Federal Court against Entain Group Pty Ltd (Entain), which operates online betting sites including Ladbrokes, Neds and other online betting brands. The proceedings allege serious and systemic non-compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws.
AUSTRAC’s CEO is in Papua New Guinea (PNG) to handover the TAIPAN IT system, developed by AUSTRAC to support Pacific Financial Intelligence Units (FIUs).
AUSTRAC is cracking down on cryptocurrency ATM providers in Australia who don’t comply with the country’s anti-money laundering regime.
AUSTRAC intelligence shows cryptocurrency poses a heightened money laundering risk, and is increasingly being exploited for money laundering, scams and money mule activities.
AUSTRAC has welcomed the passage of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill 2024 through Parliament.
AUSTRAC has issued sixteen businesses with infringement notices for failing to meet their reporting obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
Identifying ways to combat serious financial crime will be a key focus when financial intelligence units (FIUs) from across the Pacific meet in Brisbane today.
Representatives from 13 Pacific nations are gathering for the Pacific Financial Intelligence Community (PFIC) plenary, which is hosted by AUSTRAC.
The three-day event provides a valuable opportunity for FIUs to further explore initiatives to fight financial crime. These include joint operations, intelligence sharing, capacity-building activities and region-wide technological enhancements.
Australia’s efforts to fight financial and serious crime have received a boost with today’s release of two national risk assessments on money laundering and terrorism financing by AUSTRAC.