The Austral Reports Center and Analysis Center encourages inactive remittances to voluntarily withdraw their registrations or risk cancellation.
More than 900 independent remittances are registered in Austrac, but a large proportion may be inactive.
Austrac CEO Brendan Thomas said it is important that only businesses with active services are listed in the register to limit the potential sale and use of these businesses for illegal purposes and to ensure that the public can verify business businesses.
“We do not want inactive businesses to maintain Austrac’s registration, as registration suggests that regulatory legality and supervision is not guaranteed.
We urge inactive businesses to voluntarily weaken. If businesses do not voluntarily leave, Austrac will enter and cancel their registration. ”
Businesses require Austrac’s registration to provide legal money transfer services and must comply with obligations under the law on money laundering and the fight against terrorism.
This involves maintaining the status of property and activity.
Consumers can check if a money transfer provider is registered with the search for Austrac’s remittance registry.
Austrac recently conducted a similar blitz in the digital currency register, resulting in 22 companies voluntarily withdrawing the registration and another 100 planned for cancellation. Austrac will soon provide a public edition of the digital currency exchange register to allow public confidence in business status in the field.