AUSTRAC removes 45 businesses as scrutiny intensifies on high-risk payments

AUSTRAC cancelled, suspended or refused to renew the registrations of 45 remittance and virtual asset service provider businesses over the past year, publishing the figure on 7 September 2026 as part of a broader statement on its supervision of high-risk payment sectors. AUSTRAC CEO Brendan Thomas said the rapid movement of money across borders can create some of the highest money laundering and terrorism financing risks, and that the actions reflect the regulator's expectations of industry.

AUSTRAC said its actions targeted businesses that lacked the operational capacity to begin or continue trading, were dormant or inactive, had not provided designated services for extended periods, were insolvent, failed to hold the appropriate registration, did not notify AUSTRAC of material changes, or otherwise presented significant money laundering or terrorism financing risk. One case highlighted was BA Digital Ventures Pty Ltd, trading as GetCoins, whose virtual asset service provider registration was cancelled in June 2026 following work between AUSTRAC and the National Anti-Scam Centre after customer complaints, with AUSTRAC alleging the business had been exploited by organised cryptocurrency investment scams. AUSTRAC said that where appropriate it has referred individuals behind cancelled businesses to law enforcement and regulatory partners both in Australia and overseas, and that a cancelled registration means a business can no longer operate the services the registration covered.

The announcement did not provide a category breakdown of the 45 actions but confirmed they combined cancellations, suspensions and refusals to renew across the remittance and virtual asset sectors, and follows a pattern of continued regulatory activity in these sectors, including other recent investigations and suspensions reported separately. The figures signal that AUSTRAC is actively reviewing and removing entities from its registers rather than relying solely on public warnings or guidance.