MoneyGram fined by AUSTRAC

— 1 minute read

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has issued the largest fine in its history to remittance provider MoneyGram.

MoneyGram Payment Systems has paid a $336,600 infringement notice for providing money remittance services through unregistered remittance businesses, according to AUSTRAC.

"This follows a fine to MoneyGram of $122,400 in January 2015 for the same type of contraventions, bringing the total to almost half a million dollars," AUSTRAC said.


Both infringement notices arose from an AUSTRAC compliance assessment in 2014. 

AUSTRAC chief executive Paul Jevtovic said the money remittance sector is "recognised internationally as being particularly vulnerable to exploitation by criminals".

"Businesses with systemic vulnerabilities, or repeated AML/CTF non-compliance, risk exploitation by criminals, severe regulatory action from AUSTRAC and serious reputational damage," Mr Jevtovic said.

This is the fourth infringement notice issued by AUSTRAC for contraventions of Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws, said AUSTRAC.





MoneyGram fined by AUSTRAC
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