{"id":12983,"date":"2026-09-09T06:11:24","date_gmt":"2026-09-09T06:11:24","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=12983"},"modified":"2026-09-09T06:11:24","modified_gmt":"2026-09-09T06:11:24","slug":"australia-removes-45-remittance-and-crypto-firms-from-aml-registers","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=12983","title":{"rendered":"Australia Removes 45 Remittance and Crypto Firms From AML Registers"},"content":{"rendered":"<p><\/p>\n<div>\n<div id=\"blockquote-block_6a27332bca925f5cd35415f08f7d9b16\" class=\"blockquote-container\" style=\"border-color: #5100fc\">\n<div class=\"blockquote-text\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">AUSTRAC cancelled, suspended or refused to renew the registrations of 45 remittance and virtual asset service providers over the past year, removing them from its registers.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The regulator cancelled GetCoins\u2019 registration alongside the National Anti-Scam Centre, saying the crypto firm was allegedly exploited by organised investment scams.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">CEO Brendan Thomas said businesses with cancelled registrations can no longer operate, and some individuals behind them were referred to law enforcement in Australia and overseas.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<p class=\"wp-block-paragraph\">Australia\u2019s financial crime regulator AUSTRAC has cancelled, suspended or refused to renew the registrations of 45 remittance and virtual asset service providers over the past year, removing the businesses from its registers.<\/p>\n<p class=\"wp-block-paragraph\">AUSTRAC said the actions targeted businesses that were dormant or inactive, insolvent, lacked the capacity to trade, held the wrong registration, failed to report material changes, or otherwise carried significant money laundering or terrorism financing risk.\u00a0<\/p>\n<p class=\"wp-block-paragraph\">\u201cThe rapid movement of money across borders can create some of the highest ML\/TF risks\u201d, chief executive Brendan Thomas said.<\/p>\n<p class=\"wp-block-paragraph\"><strong>Read more: Orionx Shuts Down After $7M Custody Discrepancy<\/strong><\/p>\n<h2 id=\"h-the-getcoins-case\" class=\"wp-block-heading\">The GetCoins Case<\/h2>\n<p class=\"wp-block-paragraph\">One cancellation targeted BA Digital Ventures, trading as GetCoins, which AUSTRAC acted against with the National Anti-Scam Centre after customer complaints. The regulator requested information on the firm\u2019s operations to assess whether it could manage its money laundering risks.\u00a0<\/p>\n<p class=\"wp-block-paragraph\">\u201cThis VASP was allegedly exploited by organised cryptocurrency investment scams\u201d, Thomas said, adding that cancelling GetCoins\u2019 registration \u201chelped to disrupt organised investment scam activity\u201d.<\/p>\n<p class=\"wp-block-paragraph\">AUSTRAC has stepped up the same scrutiny across the wider sector, opening an investigation into Western Union and moving to suspend Cryptolink\u2019s crypto ATM network, part of a crackdown on ATMs used to launder money and run scams.\u00a0<\/p>\n<h2 id=\"h-a-regime-under-overhaul\" class=\"wp-block-heading\">A Regime Under Overhaul<\/h2>\n<p class=\"wp-block-paragraph\">The removals follow AUSTRAC\u2019s annual risk update and land as Australia\u2019s rewritten anti-money-laundering rules take hold.\u00a0<\/p>\n<p class=\"wp-block-paragraph\">Obligations under the reformed AML\/CTF Act began applying to existing reporting entities in March, newly regulated firms were brought in from July, and existing digital currency exchanges rolled automatically into the virtual asset category.\u00a0<\/p>\n<p class=\"wp-block-paragraph\">AUSTRAC has already put dozens of firms on notice over reporting failures and warned idle operators to use their registration or lose it.<\/p>\n<p class=\"wp-block-paragraph\">Thomas said AUSTRAC would keep removing firms that pose a significant money laundering or terrorism financing risk.<\/p>\n<p class=\"wp-block-paragraph\">\u201cBusinesses with cancelled registrations can no longer operate and where appropriate, we\u2019ve referred individuals behind these businesses to law enforcement and regulatory partners locally and overseas\u201d, he said.\u00a0<\/p>\n<p class=\"wp-block-paragraph\">He warned the rest of the industry to \u201cunderstand and manage your risks and meet your reporting obligations, or you may not be able to continue operating\u201d.<\/p>\n<p class=\"wp-block-paragraph\"><strong>Read more: Coldcard Hacker Starts Swapping Stolen Bitcoin for Ether<\/strong><\/p>\n<\/p><\/div>\n<p>AUSTRAC,Australia,Cryptocurrency#Australia #Removes #Remittance #Crypto #Firms #AML #Registers1788934284<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AUSTRAC cancelled, suspended or refused to renew the registrations of 45 remittance and virtual asset service providers over the past year, removing them from its registers. The regulator cancelled GetCoins\u2019 registration alongside the National Anti-Scam Centre, saying the crypto firm was allegedly exploited by organised investment scams. CEO Brendan Thomas said businesses with cancelled registrations<\/p>\n","protected":false},"author":1,"featured_media":12984,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[4207,1521,62,882,6809,3565,4113],"class_list":["post-12983","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","tag-aml","tag-australia","tag-crypto","tag-firms","tag-registers","tag-remittance","tag-removes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Australia Removes 45 Remittance and Crypto Firms From AML Registers - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=12983\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australia Removes 45 Remittance and Crypto Firms From AML Registers\" \/>\n<meta property=\"og:description\" content=\"AUSTRAC cancelled, suspended or refused to renew the registrations of 45 remittance and virtual asset service providers over the past year, removing them from its registers. The regulator cancelled GetCoins\u2019 registration alongside the National Anti-Scam Centre, saying the crypto firm was allegedly exploited by organised investment scams. 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