Ah, the Australian Transaction Reports and Analysis Centre, or AUSTRAC, as it prefers to be called, has decided to play the role of the stern schoolmaster, warning cryptocurrency exchanges and remittance providers to toe the line of anti-money laundering laws. Or else! 😱
In a rather dramatic press release, the agency announced it is currently scrutinizing over 50 providers, like a hawk eyeing its prey. Recently, it took decisive action against 13 of these miscreants. Brendan Thomas, the CEO, with all the gravitas of a Shakespearean actor, revealed that last year, they canceled, suspended, or simply refused to renew the registrations of nine providers. One can only imagine the gasps of disbelief echoing through the halls of these exchanges!
It seems these providers were not quite up to snuff with the Anti-Money Laundering and Counter-Terrorism Financing Act. Thomas, in a tone that could only be described as both ominous and slightly amused, added:
“A further 2 providers had conditions placed on their registrations and are now on notice – a failure to meet these conditions may lead to suspension or cancellation of their registrations.”
The latest crackdown follows a year-long investigation into companies that may have been playing fast and loose with their suspicious transactions. AUSTRAC, in its infinite wisdom, has imposed restrictions on two providers, warning that any further missteps could lead to a rather abrupt termination of their registrations. Talk about a dramatic exit! 🎭
Meanwhile, several executives from businesses like Auaisa Trading Pty Ltd, Amco Travelling and Exchange Pty Ltd, and B-Paywize Pty Ltd are now facing the music, charged with crimes or entangled in legal woes. Jinte Net Blockchain Pty Ltd and DIGI-SEND E-Money Pty Ltd, however, have been found to be operating businesses that, quite amusingly, no longer require registration. How convenient! 😏
In a twist of fate, the beleaguered exchanges FTX Express and Zipmex Australia have been unceremoniously removed from the Digital Currency Exchange Register after filing for bankruptcy. AUSTRAC has noted that a significant portion of financial crime investigations is hindered by these exchanges’ failure to disclose suspicious transactions. Who would have thought that honesty was the best policy? 🤷♂️
“Businesses working in this space who are not meeting their obligations can expect to hear from us,” Thomas warned, sounding like a parent about to confiscate a child’s video game.
Since January, 106 companies have received compliance reminders from AUSTRAC. With the help of its crypto taskforce, the regulator has pledged to keep a watchful eye on the 417 registered cryptocurrency exchanges in Australia. One can only hope they have enough coffee to stay awake! ☕
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2025-02-17 11:36