Dealing with non-compliance: AUSTRAC cancels remitter registration
AUSTRAC has cancelled the registration of Sydney-based independent remitter Ocean Pass Finance Pty Ltd (Ocean Pass), as it is satisfied that its registration involves significant money laundering or terrorism financing risk.
AUSTRAC CEO Mr Paul Jevtovic APM said "Remitters are globally-recognised as being particularly vulnerable to abuse and exploitation by criminal and terrorist groups for money laundering and terrorism financing purposes. A failure to have appropriate systems and controls to mitigate and manage those risks provides a platform for abuse and exploitation".
"AUSTRAC has worked collaboratively with the Australian Crime Commission (ACC) and other agencies as part of the ACC-led Eligo National Taskforce to identify and deal with remitters who are failing to meet these important obligations."
Removing operators who fail to meet their obligations will ultimately improve the reputation of the remittance industry and benefit remitters who operate legitimate businesses.
AUSTRAC is actively considering the registration status of a number of other entities and will continue to take action against businesses that present money laundering or financing of terrorism risk.
Since the AUSTRAC Remittance Sector Register was established in November 2011:
- seven entities have been refused registration
- six entities have had their registration cancelled , including Ocean Pass
- 17 entities have had conditions imposed on their registration
- two entities have been suspended.
It is an offence for Ocean Pass to provide a designated remittance service.
Attribution: AUSTRAC CEO Mr Paul Jevtovic APM
Available for interview: AUSTRAC CEO Paul Jevtovic.
Issued by AUSTRAC Stakeholder Relations:
- Telephone: +61 3 8636 0588
- Email: email@example.com
The remittance sector register is available online.
AUSTRAC (Australian Transaction Reports and Analysis Centre) is Australia's anti-money laundering and counter-terrorism financing regulator and specialist financial intelligence unit. AUSTRAC works with law enforcement and other agencies to protect the integrity of the Australian financial system and fight serious crimes such as drug trafficking, tax evasion, fraud and people smuggling.
Further information about AUSTRAC is available on our Media centre page.