AUSTRAC has issued Revolut Payments Australia Pty Ltd (Revolut) with an infringement notice totalling $187,800 after the company notified AUSTRAC it had submitted late reports.
Revolut, a remittance service provider, self-disclosed failures to submit international funds transfer instructions within the timeframe stipulated by the Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) Act.
AUSTRAC CEO Brendan Thomas said after Revolut identified the issue it took the prompt steps to submit its reports and fix its controls.