The Australian regulator has taken action against 13 remittance service providers and cryptocurrency exchanges, and more than 50 remain under investigation for possible violations.
According to a February 17 statement from AUSTRAC CEO Brendan Thomas, the regulator denied registration renewal to six providers because key individuals had been convicted, prosecuted or charged with serious offenses that "reflected adversely on their honesty or integrity."
In addition, alerts were issued to more than 50 remittance operators and crypto exchanges, indicating possible regulatory action, due to concerns about possible failures to report suspicious activity and transactions.
Thomas said:
"The blitz follows AUSTRAC’s analysis that identified systemic non-reporting and under-reporting in the remittance and digital currency exchange sectors."