Australia’s financial intelligence agency has fined Revolut’s local arm $187,800 for late reporting of cross‑border transfers, after the fintech self‑disclosed the breaches to the regulator.
AUSTRAC said Revolut Payments Australia Pty Ltd, a remittance service provider, failed to lodge international funds transfer instructions within the timeframe required under the Anti‑Money Laundering and Counter‑Terrorism Financing Act. The company identified the issue, submitted the outstanding reports and fixed its controls, according to the regulator.
“Revolut has been co-operative with AUSTRAC and paid the infringement notice in full.
“These are the real-life consequences of failures to report and it’s why failures to report need to have regulatory consequences, even where reporting entities detect, disclose and report the failures.
“Remittance services are attractive to money launderers and other types of criminals because they can move funds cheaply and quickly across borders,” Mr Thomas said.
“We take late reporting seriously because timely reports are critical to help us detect and disrupt financial crime – to strike while the iron is hot.
“If we don’t pick up suspicious movements as soon as possible, it denies law enforcement access to the intelligence that supports criminal investigations.”
AUSTRAC has placed a regulatory focus on payment platforms this year, flagging remitters as a high and stable money‑laundering vulnerability in its 2024 national risk assessment.
“The risks in this sector are high and they are consistent. It is not just traditional laundering that we’re concerned about – payment platforms are particularly vulnerable to the movement of funds associated with payments for child exploitation material.
“Timely international funds transfer reports allow us to analyse current activity that points to potential persons of interest.
“We need to get this intelligence to law enforcement so they can act. That’s why it is so important that businesses offering remittance services ensure they are meeting their AML/CTF obligations around reporting.”
Payment of an AUSTRAC infringement notice is not an admission of liability.
