AUSTRAC’s enforcement follows a year-long probe into compliance failings at Australian cryptocurrency exchanges.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has initiated regulatory action against 13 cryptocurrency businesses as part of its efforts to address compliance issues in the digital currency market.
The current set of charges is part of AUSTRAC’s year-long investigation into remittance and digital currency exchanges, which has identified over 50 new entities under investigation for possible breaches, according to a Monday statement.
AUSTRAC started this operation as part of its effort to oversee Australia’s growing cryptocurrency sector. According to AUSTRAC CEO Brendan Thomas, the financial intelligence agency has terminated, suspended, or refused to renew the registration of nine entities for failing to comply with Anti-Money Laundering and Counter-Terrorism Financing Act duties.
These companies include Auasia Trading Pty Ltd, Amco Travelling and Exchange Pty Ltd, and Blue Star Exchange Pty Ltd.
“AUSTRAC’s reporting organizations are the first line of defense in discovering illegal conduct,” Thomas said in a statement, adding that these companies serve an important role in spotting suspicious transactions and safeguarding the integrity of the Australian financial system.
In addition to the termination of registrations, AUSTRAC has put conditional registrations on Currencyfair Australia Pty Ltd and Currencyfair Limited for failing to complete compliance standards within the stated time frame.
Since January 2024, AUSTRAC has sent compliance reminders to 106 organizations, encouraging them to fulfill their commitments or risk additional regulatory action.
Also Read: Chinese Ethereum holder spends $6.8 million to warn of widespread mind control
