AUSTRAC enforcement action – DCE dealer and remittance providers

AUSTRAC launched investigations aimed at identifying and removing non-compliant providers, as well as enhancing the reporting of suspicious matters and transactions by remittance dealers and digital currency exchanges (DCEs). After a year-long investigation during 2024, AUSTRAC took action against 13 remittance dealers and DCEs, with over 50 more still under scrutiny.

According to AUSTRAC records, there are over 400 DCEs and over 5,000 remittance dealers across Australia. Since January 2024, AUSTRAC has issued 106 reminders to these entities, to help them ensure reporting obligations are met.

Action to take

Remittance dealers and DCEs should ensure they have:

• Adopted procedures to determine what is suspicious and how these matters are identified and reported;