AUSTRAC removes 45 remittance and virtual asset businesses from its registers as it intensifies scrutiny of high-risk payment sectors

The regulator cancelled, suspended or refused to renew registrations over the past year where businesses were inactive, lacked operational capacity, failed to meet registration requirements or presented significant money laundering or terrorist financing risks. AUSTRAC highlighted its cancellation of crypto provider GetCoins, which was allegedly exploited by organised cryptocurrency investment scams, and has referred individuals associated with some affected businesses to domestic and overseas enforcement partners. The action forms part of increased regulatory attention on payments, remittance and virtual asset providers identified as presenting heightened financial crime risks.