AUSTRAC, Australia's anti-money laundering regulator, has intensified its efforts against non-compliant remittance and digital currency exchange providers, taking action against 13 entities and identifying over 50 others for potential non-compliance.

According to AUSTRAC CEO Brendan Thomas, the agency has issued alerts to operators suspected of failing to report suspicious activities and transactions as required under the Anti-Money Laundering and Counter-Terrorism Financing Act. "Late last year, AUSTRAC cancelled, suspended, and refused renewals of registration for nine providers that had failed to meet their obligations," Thomas stated.

The regulatory actions included the cancellation of registrations for entities, such as "Auaisa Trading Pty Ltd" and "Blue Star Exchange Pty Ltd", whose key personnel were implicated in serious offenses. Additionally, "DIGI-SEND E-Money Pty Ltd" and others ceased operations requiring registration, while "Currencyfair Australia Pty Ltd" faced conditional registrations due to unmet requirements.

Furthermore, digital currency exchanges "Zipmex Australia Pty Ltd" and "FTX Express Pty Ltd" were removed from the register following insolvency proceedings.

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AUSTRAC's crackdown aims to enhance industry compliance and prevent criminal exploitation of Australia's financial system. The agency emphasizes the crucial role of remittance service providers and digital currency exchanges in detecting and disrupting illicit activities.

Currently, AUSTRAC records indicate 417 digital currency exchanges and 5,112 remittance registrations nationwide. Since January 2024, the agency has issued compliance reminders to 106 entities across various sectors, warning of potential regulatory actions for continued non-compliance.