AUSTRAC directs Binance Australia to appoint an external auditor due to serious AML and counter-terrorism financing concerns. Multiple compliance issues, including limited review scope, high staff turnover, and lack of local oversight, triggered the mandatory audit. AUSTRAC emphasizes the need for global operators to understand and comply with local regulations.
Australian regulators have expanded crypto oversight, targeting non-compliant exchanges and money laundering networks. AUSTRAC’s enforcement campaign includes action against 13 remittance and digital currency exchange providers, with nine facing cancellation, suspension, or refusal of renewals for failing AML and CTF Act obligations. The agency established a crypto task force to address violations.
ASIC ramps up enforcement by shutting down scam websites, including 7,200 fake investment sites and 1,500 phishing scams. The regulator winds up 95 companies connected to international schemes, with a $75,120 fine imposed on exchange Cointree for late suspicious matter report filings. Authorities uncover sophisticated money laundering operations exploiting crypto platforms.
Queensland Joint Organised Crime Taskforce charges four individuals in a $190 million money laundering scheme involving a Gold Coast security company. Authorities restrain $21 million in assets, executing 14 search warrants across Brisbane and the Gold Coast. Australian law enforcement agencies uncover complex operations using courier services and dead drops for cash collection.
ASIC charges former barrister Dimitrios Podaridis and others for investment scams converting victim funds into cryptocurrency. The scheme utilized fake investment websites and professional documentation to deceive victims into depositing funds. European regulators consider penalties against OKX for allegedly laundering $100 million in stolen Bybit funds. Binance faces money laundering investigations in France.
Read more at Yahoo Finance: Binance Faces Mandatory Audit in Australia Over ‘Serious’ AML and Terror Financing Concerns