AUSTRAC, Australia’s financial crime regulator, cancelled, suspended, or refused renewal of 45 remittance and virtual asset service provider registrations over the past year, signaling intensified enforcement against high-risk payment operators. The enforcement actions target businesses lacking operational capacity, dormant entities, insolvent firms, and those posing significant money laundering or terrorism financing risks.
- Registrations removed: 45 remittance and VASP providers
- Key enforcement focus: Operational capacity, dormancy, insolvency, and ML/TF risk assessment
- Notable action: Cancellation of GetCoins (BA Digital Ventures Pty Ltd) registration following organized cryptocurrency investment scams
- Additional regulatory actions: Investigation into Western Union; suspension of Cryptolink’s crypto ATM network
AUSTRAC CEO Brendan Thomas emphasized that cross-border money movement creates heightened compliance risks. Businesses with cancelled registrations face operational cessation, with individuals behind some firms referred to law enforcement and international regulatory partners. The regulator collaborated with the National Anti-Scam Centre on the GetCoins enforcement action, which targeted a virtual asset service provider allegedly exploited by organized investment scams.
Financial crime operates across borders, and we work closely with our domestic and international partners to strengthen the financial system not just in Australia, but globally.
The enforcement wave reflects AUSTRAC’s elevated scrutiny of payment, remittance, and virtual asset sectors following its annual risk update. The regulator’s message to industry is unambiguous: firms must understand and manage money laundering risks, maintain compliance with reporting obligations, or face potential deregistration. This coordinated approach demonstrates AUSTRAC’s commitment to disrupting organized financial crime activity while maintaining system integrity across domestic and international networks.
Brendan Thomas, CEO at AUSTRAC. Source: LinkedIn
