Australia’s financial watchdog has stepped up its efforts to make the crypto and transfer sectors follow the rules more closely. The Australian Transaction Reports and Analysis Centre (AUSTRAC) has taken strong action against 13 companies and is now looking into more than 50 others for possible Anti-Money Laundering (AML) breaches.
In a recent statement, Brendan Thomas, CEO of AUSTRAC, said that six companies had their registrations renewed but were not allowed to operate because they were linked to illegal activities involving key employees who had been charged or convicted of major crimes. Additionally, AUSTRAC has sent warnings to many other companies that they may not be following the rules for reporting suspicious activities.
As part of a year-long plan to improve compliance in the digital currency and money transfer industries, this crackdown is meant to get rid of companies that don’t follow the rules and help the country fight financial crime. This led to the removal of two cryptocurrency platforms, FTX Express and Zipmex Australia, from the country’s Digital Currency Exchange Register.
AUSTRAC has also been working to stop systemic under-reporting, especially in the areas of money transfers and digital currency trades. As rules change, the agency’s scrutiny is likely to grow. In 2025, stricter rules for the crypto business are on the horizon.
