AUSTRAC did not publish a breakdown showing how many remittance businesses or virtual asset service providers faced each action. Instead, it listed several reasons behind the decisions. Those reasons included dormancy, insolvency, registration failures, missed notifications and money laundering or terrorism financing risks.
The regulator can refuse applications, impose registration conditions, suspend providers or cancel registrations when it identifies unacceptable financial crime risks. It also acts when businesses cannot show enough capacity to start or continue trading.
AUSTRAC has made the operational consequence clear. Providers that lose registration cannot continue offering the relevant regulated service.