Australia’s reporting and transaction analysis Center (Austrac) issued Revolut Payments Australia Pty Ltd with a notice of $ 187,800 after being informed by Austrac, had submitted delayed reports.
Revolut, a provider of remittance services, self-proclaimed failures for the submission of international capital transfer instructions within the time framework defined by the law on money laundering and the fight against terrorism (AML/CTF).
Austrac CEO Brendan Thomas said that after Revolut he recognized the issue that took immediate action to submit his reports and correct his checks.
Austrac focuses on payment platforms as part of the 2024 regulatory priorities. In the national risk assessment of 2024, Austrac has identified services provided by remitters, including payment platforms, as they show high and stable vulnerability of revenue from unlawful activities.
Payment of a Austrac violation notice is not a liability assumption.