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Use or lose your registration, Australian AML regulator tells remittance businesses

( August 6, 2025, 01:20 GMT | Official Statement) -- MLex Summary: Inactive remittance businesses in Australia should voluntarily withdraw their registrations or face cancellation, the country’s financial-crime watchdog said. In a statement published today, the Australian Transaction Reports and Analysis Centre said that of the 900 independent remittance businesses it had registered, a “large proportion” is believed to be inactive. Austrac’s push to identify inactive businesses is designed to limit the potential sale of these companies and their subsequent use for illicit purposes. “Inactive businesses are vulnerable to being bought and taken over by criminals who can then use them to process illicit funds,” Austrac CEO Brendan Thomas said, adding that his agency considered the remittance sector to be a high money-laundering risk.The full statement from the Australian Transaction Reports and Analysis Centre follows: ...

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