AUSTRAC Targets 50 Crypto Providers in AML Crackdown

The Australian Transaction Reports and Analysis Center has warned cryptocurrency exchanges and fund suppliers to follow anti-flowage laws or cope with the consequences.

In a press release statement Published on its official website, the agency revealed that it now examines more than 50 suppliers and recently took measures against 13 of them. According to Austrac CEO, Brendan Thomas, the agency has canceled, suspended or refused to renew the registrations for nine suppliers at the end of last year.

It was after that they did not comply with the law on anti-flary funding and the fight against terrorism. Thomas added:

2 other providers had conditions placed on their registrations and are now in opinion – non -compliance with these conditions may result in a suspension or cancellation of their registrations. »»

The last repression comes after a year probe In companies that may not have disclosed or underestimated suspicious transactions. Austrac has imposed restrictions on the registration of two providers, declaring that additional violations can lead to termination.

Several business leaders such as Auais Trading Pty Ltd, AMCO Traveling and Exchange PTY LTD, and B-PAYWIZE PTY LTD have been accused of crimes or are subject to legal action. Jinte Net Blockchain Pty Ltd and Digi-Send E-Money Pty Ltd, on the other hand, have proven to be operating companies that no longer require recording.

After having filed a record, exchanges in difficulty FTX Express and Zipmex Australia were withdrawn from the digital exchange register. According to Austrac, a large part of the financial crime surveys are affected by the failure of cryptocurrency exchanges appropriately disclose Suspicious transactions.

“Companies working in this space that do not comply with their obligations can expect to hear us,” warned Thomas.

106 companies have received Austrac compliance reminders since January. With the help of his crypto working groupThe regulator is committed to keeping an eye on the exchanges of cryptocurrency recorded 417 in Australia which he currently regulates.