Crypto and Remittance Firms Under AUSTRAC’s Radar

Crypto News Regulation

Crypto and Remittance Firms Under Pressure as AUSTRAC Tightens Rules

Written by Aaron S.,

Editor-In-Chief

Last Updated: February 19, 2025

Key Takeaways

AUSTRAC penalized 13 firms and warned over 50 others over AML compliance failures in the crypto and remittance sectors;
Six providers lost registration due to staff misconduct, while others face stricter rules or risk suspension;
AUSTRAC is tightening oversight, with a growing focus on crypto exchanges and money transfers to prevent financial crimes.

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Crypto and Remittance Firms Under Pressure as AUSTRAC Tightens Rules

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Australia’s financial watchdog has taken action against multiple money remittance services and cryptocurrency exchanges, citing concerns over compliance with anti-money laundering (AML) laws.

The Australian Transaction Reports and Analysis Center (AUSTRAC) has already penalized 13 businesses and is reviewing more than 50 others for potential violations.

Brendan Thomas, AUSTRAC's CEO, announced in a February 17 statement that six providers had their registration renewals denied. The decision was based on key staff members having been charged with, prosecuted for, or convicted of serious offenses, which raised concerns about their integrity.

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Additionally, AUSTRAC has sent warnings to over 50 other money transfer and crypto businesses, signaling possible enforcement action if compliance issues are not resolved. The agency’s analysis found that many in the industry failed to properly report suspicious transactions, leading to concerns about weak oversight.

Two other providers have been placed under stricter conditions after missing regulatory deadlines. If they fail to meet the required standards, their registrations could be suspended or revoked. Meanwhile, three businesses that were denied registration have already shut down their operations.

Currently, AUSTRAC oversees 417 digital currency exchanges and more than 5,000 registered remittance providers across the country. With the growing number of operators, the regulator is increasing its focus on ensuring proper reporting and preventing financial crimes.

Recently, India tightened tax rules for cryptocurrency traders through a new amendment announced in the Union Budget 2025. How? Read the full story.