Australia’s Anti-Money Laundering regulator has taken action against 13 remittance service providers and crypto exchanges, with over 50 others still being investigated regarding possible compliance issues, reports Cointelegraph.
Australian Transaction Reports and Analysis Center (AUSTRAC) CEO Brendan Thomas said in a statement that the regulator refused registration renewal for six providers because key personnel were either convicted, prosecuted or charged with a serious offense that “reflected adversely on their honesty or integrity.”
Over 50 other remittance providers and crypto exchanges were sent alerts, a precursor to potential regulatory action, over concerns that operators may not be reporting suspicious matters and transactions.
“The blitz follows AUSTRAC’s analysis that identified systemic non-reporting and under-reporting in the remittance and digital currency exchange sectors.”
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