AUSTRAC Removes 45 Businesses as Scrutiny Intensifies on High Risk Payments

The Australian Transaction Reports and Analysis Centre (AUSTRAC) cancelled, suspended, or refused renewal of 45 remittance and virtual asset service provider (VASP) registrations over the past year.

The regulator said the actions targeted businesses that lacked the operational capacity to trade, remained dormant, failed to provide designated services for extended periods, became insolvent, or did not maintain appropriate registration and notification requirements.

AUSTRAC CEO Brendan Thomas said cross-border payments can present significant money laundering and terrorism financing risks, making effective risk management and reporting essential for continued operation.

AUSTRAC targets high-risk payment and crypto businesses

The regulator also cancelled the registration of BA Digital Ventures Pty Ltd, trading as GetCoins, following customer complaints and concerns about its ability to manage money laundering risks. AUSTRAC said the VASP was allegedly exploited by organised cryptocurrency investment scams.

The latest actions follow increased regulatory scrutiny across Australia’s payments and virtual asset sectors, including an investigation into Western Union and the suspension of Cryptolink’s crypto ATM network.

Compliance implications for financial institutions

AUSTRAC’s actions reinforce the need for remittance businesses and VASPs to maintain appropriate registration, operational capability, AML/CTF controls, and reporting obligations.

For compliance teams, the message is clear: weak risk management can lead to regulatory intervention and the loss of authorization to operate.