Australia’s AUSTRAC targets crypto exchanges over compliance failures
The Australian Transaction Reports and Analysis Centre has warned cryptocurrency exchanges and remittance providers to follow anti-money laundering laws or face the consequences.
In a press release statement published on its official website, the agency revealed that it is now reviewing over 50 providers and recently took action against 13 of them. According to AUSTRAC CEO Brendan Thomas, the agency canceled, suspended, or refused to renew the registrations of nine providers late last year.
This was after they failed to comply with the Anti-Money Laundering and Counter-Terrorism Financing Act. Thomas added:
A further 2 providers had conditions placed on their registrations and are now on notice – a failure to…
