Australia's 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, tightening its oversight of businesses exposed to money-laundering and terrorism-financing risks.

AUSTRAC, the Australian Transaction Reports and Analysis Centre, administers the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and has required digital currency exchange providers to register with it since 2018, giving it the power to grant, suspend, and cancel registrations for businesses offering remittance and virtual asset services.

According to AUSTRAC, the businesses were removed for reasons including:

• Lacking the capacity to operate
• Being dormant or inactive
• Failing to provide designated services for extended periods
• Insolvency
• Holding inappropriate registrations
• Failing to notify the regulator of material changes

The crackdown comes as Australia steps up scrutiny of high-risk payment channels.

"Businesses with cancelled registrations can no longer operate and where appropriate, we've referred individuals behind these businesses to law enforcement and regulatory partners locally and overseas," said AUSTRAC CEO Brendan Thomas.

"Financial crime operates across borders, and we work closely with our domestic and international partners to strengthen the financial system not just in Australia, but globally."

According to AUSTRAC's press release, the regulator's focus on the payments, remittance, and virtual asset sectors has continued through a range of regulatory actions in recent months, including the commencement of an investigation into Western Union and action to suspend Cryptolink's crypto ATM network.

AUSTRAC has also launched an investigation into Western Union over concerns about its management of high-risk payment channels, customers, and affiliates, while suspending crypto ATM operator Cryptolink (related coverage, Western Union investigation).

In one case, AUSTRAC worked with the National Anti-Scam Centre to cancel the registration of crypto business GetCoins after complaints and concerns over its ability to manage money-laundering risks. The regulator said the business was allegedly exploited by organised cryptocurrency investment scams.

Thomas said businesses whose registrations were cancelled could no longer operate and that, where appropriate, individuals behind them had been referred to law-enforcement and regulatory partners.

The actions highlight a broader shift toward tougher scrutiny of crypto and remittance businesses as regulators seek to prevent digital-asset and cross-border payment channels from being exploited for organised crime and financial fraud. Australia has also been moving to close a long-standing gap in its AML framework, with reforms passed in 2024 extending AML/CTF obligations to lawyers, accountants, real estate agents, and other "tranche two" businesses previously outside the regime.

"Our message to industry is clear: understand and manage your risks and meet your reporting obligations, or you may not be able to continue operating," Thomas said.

The moves follow earlier regulatory actions in Australia, including the Binance penalty described by the regulator as a "clear warning" to entities operating in the country, an ASIC warning that unlicensed crypto firms could face penalties of up to 10% of annual turnover for non-compliance, and an expert opinion from the Australian regulator that crypto regulation should focus on the economic function rather than the delivery technology. For registered businesses, the removals signal that AUSTRAC is willing to use its cancellation powers not only against misconduct but also against inactive or non-compliant operators, making ongoing registration compliance and reporting a condition of staying in the market.