AUSTRAC has taken action against 13 Remittance and Digital Currency Exchange providers with more than 50 others still under investigation.
These regulatory actions included:
- Key personnel of Auaisa Trading Pty Ltd, Amco Travelling and Exchange Pty, Blue Star Exchange Pty Ltd, B-Paywize Pty Ltd, W Solution Group Pty Ltd and TSS Farms & Group Pty Ltd were either convicted, prosecuted or charged with a serious offence, or were the subject of legal proceedings in relation to the management of an entity, which reflected adversely on their honesty or integrity
- DIGI-SEND E-Money Pty Ltd, Rootie Technology Pty Ltd and Jinte Net Blockchain Pty Ltd were no longer operating a business requiring registration; and
- Currencyfair Australia Pty Ltd and Currencyfair Limited failed to meet registration requirements fully within the required time period. They are now registered with conditions
Separately, another 2 providers, Zipmex Australia Pty Ltd (in liquidation) and FTX Express Pty Ltd (in liquidation) have been removed from the Digital Currency Exchange Register following their insolvencies.
Early last year AUSTRAC initiated investigations to identify and eliminate non-compliant providers and improve the industry’s reporting on suspicious matters.
AUSTRAC uses the reports submitted by Reporting Entities to generate financial intelligence, which is used by its law enforcement partners in criminal investigations.
Remittance providers and Digital Currency Exchanges play a vital role in detecting and disrupting criminal abuse of the financial system.
Current AUSTRAC records show 417 Digital Currency Exchanges and 5,112 Remittance registrations Australia-wide. Since January 2024, AUSTRAC has issued to 106 entities reminders of their obligations. The entities are across all sectors and those entities which continue to be non-compliant could face further regulatory action.
