Revolut Australia Fined for AML Reporting Delay

Revolut Australia Sanctioned for Delayed AML Reporting

Introduction

Revolut Australia has been fined by AUSTRAC, the Australian financial watchdog, for failing to submit anti-money laundering (AML) reports on time. The penalty of A$187,800 ($121,500) was imposed after the company self-disclosed delays in filing international funds transfer instructions. Despite the fine, Revolut has cooperated fully with AUSTRAC and has taken steps to rectify its controls.

The Importance of Timely Reporting

AUSTRAC's chief executive, Brendan Thomas, emphasized the critical nature of timely reporting in preventing financial crime. Remittance services, like those offered by Revolut, are particularly attractive to money launderers due to their ability to move funds quickly and cheaply across borders. Delays in reporting can hinder law enforcement's ability to access crucial intelligence needed for criminal investigations.

Revolut's Global Expansion and Compliance Challenges

Founded in the UK in 2015, Revolut has rapidly expanded its global presence, securing banking licenses in multiple countries. However, its operations in Australia, where it primarily offers remittance services, have faced regulatory scrutiny. AUSTRAC has identified remittance services as posing a high money laundering risk, making them a regulatory priority.

AUSTRAC's Broader Regulatory Actions

Revolut's penalty is part of AUSTRAC's broader efforts to oversee payment platforms. Earlier this year, AUSTRAC took action against 13 remittance and digital currency providers and is currently investigating over 50 others. The agency also recently ordered Binance Australia to appoint an external auditor due to concerns about its AML/CTF controls.

Quelques pistes pour l'intégration opérationnelle dans votre dispositif :

- Assurez-vous que tous les rapports AML sont soumis en temps opportun pour éviter des pénalités similaires.

- Renforcez les contrôles internes pour détecter et signaler rapidement les transactions suspectes.

- Coopérez pleinement avec les régulateurs pour démontrer votre engagement envers la conformité.

- Surveillez régulièrement les mises à jour réglementaires pour rester conforme aux exigences locales.

- Formez le personnel aux meilleures pratiques en matière de conformité et de lutte contre le blanchiment d'argent.