Australia fines Revolut for filing late AML/CFT reports

AUSTRAC, Australia’s financial crime authority, recently announced that it issued a $187,800 infringement notice to Revolut Payments Australia Pty Ltd for submitting late reports.  AUSTRAC reported that Revolut, a remittance service provider, self-disclosed “failures to submit international funds transfer instructions within the timeframe stipulated by the Anti-Money Laundering and Counter Terrorism Financing (AML/CFT) Act.” AUSTRAC explained that the timely submission of these reports enables the Authority to analyze transactions that point to potential persons of interest in an effort to detect and disrupt financial crime “while the iron is hot.” According to AUSTRAC,  Revolut was able to promptly submit the reports and fix its controls shortly after identifying the problem.  The company is reportedly cooperating with the Authority and has paid the infringement notice in full.

AUSTRAC Media Release