Revolut pays $187,000 AUSTRAC infringement for reporting failures
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The news: London-headquartered fintech Revolut’s Australian subsidiary has paid an infringement notice from the Australian Transaction Reports and Analysis Centre (AUSTRAC) after submitting late reports to the financial crime regulator.
The numbers: Revolut Payments Australia was issued infringement notices of $187,000 for “self-disclosed failures to submit international fund transfer instructions within the timeframe stipulated by the Anti-Money Laundering and Counter Terrorism (AML/CTF) Financing Act”.
Revolut has paid the infringement notice in full.
The context: A focus on payment platforms, including remittance services, were a part of AUSTRAC's 2024 regulatory priorities as they were deemed “a high and stable money laundering vulnerability”.
What they said: “These are the real-life consequences of failures to report and it’s why failures to report need to have regulatory consequences, even when reporting entities detect, disclose and report the failures,” AUSTRAC CEO Brendan Thomas said.
“Remittance services are attractive to money launderers and other types of criminals because they can move funds cheaply and quickly across borders.
"If we don’t pick up suspicious movements as soon as possible, it denies law enforcement access to the intelligence that supports criminal investigations.”
The source: AUSTRAC media release
