The Australian Transaction Reports and Analysis Centre (AUSTRAC) has cleaned up and renamed its digital currency exchange register to the internationally recognised term virtual asset service provider as part of the Anti-Money Laundering/Counter-Terrorism Financing (AML/CTF) Act reforms.
As part of the process, the government agency engaged with 128 inactive businesses and exited 62 from the sector through registration action or voluntary withdrawal.
“Businesses registered with AUSTRAC are required to keep their details up to date; this includes services they no longer provide,” AUSTRAC chief executive Brendan Thomas noted.
“Last year we ran a use it or lose it blitz to make sure the crypto register was not being exploited by inactive or dormant entities for criminal purposes.
“The aim was to protect the integrity of the register, support legitimate providers and remove entities that were no longer genuinely operating or providing regulated services.
“We focused on identifying inactive or potentially dormant entities that could present a money-laundering risk. We want the register used for its intended purpose and not as a vehicle for the improper sale or misuse of an AUSTRAC‑registered business.”
As well as the registration of new professions such as accountants and financial advisers in some instances, the AML/CTF reforms are also intended to introduce greater oversight of the virtual asset sector, which AUSTRAC has identified as a high money-laundering risk.
According to Thomas, the aim of the campaign last year was to protect the integrity of the register, support legitimate providers and remove inactive entities or entities no longer genuinely operating but that presented a money-laundering risk.
Home Affairs Minister Tony Burke reinforced AUSTRAC’s activities, indicating the reforms “close gaps that criminals have used to move illicit funds through crypto, while ensuring legitimate innovation can continue safely”.
“By lifting transparency, cleaning up the register and enforcing a strong regulatory framework, Australia is maintaining a high barrier to entry that deters and disrupts serious and organised crime,” Burke said.
AUSTRAC confirmed the crypto or virtual asset sector remains a priority focus as a high money-laundering risk and is outlined as such in the centre’s 2025/26 regulatory priorities.
