Binance Australia hit with AUSTRAC direction | Australian Markets
Crypto exchange Binance Australia has been directed by AUSTRAC to nominate an exterior auditor after the regulator recognized critical issues with the company’s anti-money laundering and counter terrorism (AML/CTF) controls.
AUSTRAC stated that Investbybit Pty Ltd, Binance Global’s Australian arm, is an AUSTRAC registered digital currency exchange.
AUSTRAC has additionally flagged issues with high workers turnover at Binance and a lack of native resourcing and senior management oversight, raising questions concerning the adequacy of its AML/CTF governance.
AUSTRAC chief government, Brendan Thomas stated AUSTRAC expects tighter controls from main world operators, significantly in high risk sectors concerned in giant transaction volumes.
“This is a global company operating across borders in a high-risk environment. We expect robust customer identification, due diligence and effective transaction monitoring,” Thomas stated.
“I remind all digital currency exchanges to stay alert to transactions that point out suspicious behaviour, together with money laundering by way of scams and cybercrime and terrorism financing – the potential for these actions are a lot increased for world exchanges.
“Capacity and risk controls need to correspond to the dimensions of a business and its market presence, significantly because it scales.
“All digital currency operators need to ensure they are complying with Australian law and limiting their exposure to crime.”
Binance Australia has 28 days to appoint exterior auditors for AUSTRAC’s consideration and choice.
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