Australia's financial intelligence agency, the Australian Transaction Reports and Analysis Centre (AUSTRAC), has removed 45 remittance and virtual asset service provider registrations over the past year, a step that signals tougher oversight of businesses exposed to money laundering and terrorism financing risks.

AUSTRAC said the measures involved canceling, suspending, or refusing to renew registrations. According to the regulator, the actions were directed at businesses that failed to meet registration requirements or posed heightened financial crime risks.

AUSTRAC Tightens Crypto Oversight

Several of the affected businesses lacked the operational capacity to trade, the regulator said, while others had become dormant or had stopped providing the services for which they were registered. Some also failed to report material changes to their business or to maintain appropriate registrations.

AUSTRAC Chief Executive Brendan Thomas said cross-border money movement carries significant money laundering and terrorism financing risks. He noted that businesses whose registrations have been canceled can no longer operate, and that authorities may refer individuals connected to those businesses to law enforcement agencies.

Cryptocurrency businesses are also part of the crackdown. AUSTRAC's public records show multiple virtual asset registrations canceled during 2026, including entities involved in cryptocurrency trading and related services.

In a separate action, the regulator suspended Cryptolink's crypto ATM operations, underscoring growing concern over digital currency services that can move funds quickly and with limited visibility. Crypto ATMs have drawn regulatory attention in multiple jurisdictions because they allow customers to convert cash to digital assets with fewer identity checks than traditional exchanges in some configurations, and regulators elsewhere, including in the United States and Canada, have similarly scrutinized ATM operators' compliance practices.

Crypto Industry Faces Broader AML Requirements

The increased enforcement coincides with Australia's implementation of wider anti-money laundering and counter-terrorism financing reforms. The updated framework, which took effect in March, expanded regulatory requirements across several industries, obliging virtual asset service providers and remittance businesses to meet registration and reporting duties under the revised regime. The reforms bring Australia closer into line with international standards set by the Financial Action Task Force, the global AML standard-setter whose "Travel Rule" requires virtual asset service providers to collect and transmit originator and beneficiary information for transfers.

AUSTRAC has also turned its attention to inactive cryptocurrency exchanges and remittance businesses. Regulators have warned that dormant registrations could be acquired or misused by criminals seeking access to established financial infrastructure.

For legitimate crypto and remittance operators, the latest actions underscore the importance of keeping registrations accurate, managing financial crime risks, and fulfilling reporting obligations. AUSTRAC said it will continue removing businesses that fail to meet regulatory expectations or present significant money laundering and terrorism financing risks.

Source: CryptoMeter.io