Remitter registration cancelled: FNF First National Finance Pty Ltd
AUSTRAC has cancelled the registration of Sydney-based independent remitter FNF First National Finance Pty Ltd (FNF), due to significant money laundering or financing of terrorism risk.
Remitters are required to have systems and controls in place to identify, mitigate and manage the risk of being misused by criminals.
The money transfer industry is internationally identified as particularly vulnerable to exploitation by criminal and terrorist groups for money laundering and terrorism financing purposes.
FNF was identified through the Australian Crime Commission led Eligo National Taskforce, which focuses on the use of alternative remittance services by serious and organised crime. AUSTRAC plays an important role alongside the Australian Crime Commission and other agencies in the taskforce.
Removing operators who fail to meet their obligations will ultimately improve the reputation of the remittance industry and benefit those who operate businesses that comply with their AML/CTF obligations.
AUSTRAC is Australia’s primary source of financial intelligence used to fight serious and organised crime and terrorism financing. AUSTRAC’s work guards Australia’s financial system from criminals, which in turn protects Australia’s economy.
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:
- nine entities have had their registration cancelled , including FNF
- seven entities have been refused registration
- 17 entities have had conditions imposed on their registration
- two entities have been suspended.
It is now an offence for FNF to provide a designated remittance service.
Anyone wishing to send funds overseas using a remitter service can check the registration status of the business online, free of charge, at austrac.gov.au and click on Remittance Sector Register.
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: firstname.lastname@example.org
The remittance sector register is available online.
Further information about AUSTRAC is available on our Media centre page.