Revolut Australia Fined $123k for Late Compliance Reporting

Revolut Australia Fined A$187,800 by AUSTRAC For Late Reporting

The penalty follows Revolut’s self-disclosure that it had failed to submit international funds transfer instructions within the timeframes required under the Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) Act. The company has since paid the notice in full. AUSTRAC Chief Executive Brendan Thomas said Revolut co-operated with the regulator and took steps to remedy the issue.  “Revolut has been co-operative with AUSTRAC and paid th…

BREAKING: Revolut Australia fined for late AML reporting - AML Intelligence

By PAUL O’DONOGHUE, Senior Correspondent AUSTRAC, the Australian financial watchdog, has fined Revolut for failing to submit AML (anti-money laundering) reports on time. The company, which operates as a remittance service provider in Australia, was hit with a penalty of A$187,800 ($121,500). This came after it “self-disclosed” delays in filing international funds transfer instructions. AUSTRAC chief executive Brendan Thomas said Revolut acted qu…

Revolut Australia Fined $123k for Late Compliance Reporting

Australia’s financial crimes agency, AUSTRAC, has fined the local arm of British fintech giant Revolut AU$187,800 (almost US$123,000) for the late submission of compliance reports.A Proper Handling of Late Reporting?Announced today (Tuesday), Revolut self-disclosed failures to submit international funds transfer instructions within the timeframe required under local anti-money laundering laws.“Revolut has been cooperative with AUSTRAC and paid t…

AUSTRAC issues Revolut with $187.8k infringement notice for late reporting

AUSTRAC has issued Revolut Payments Australia Pty Ltd with an infringement notice totalling $187,800.

AUSTRAC Fines Revolut A$187,800 for Late Reporting Breaches - Fintech Singapore

AUSTRAC has issued Revolut Australia with an infringement notice of A$187,800 after the company disclosed that it had submitted reports late. Revolut, a remittance service provider, self-reported failures to lodge international funds transfer instructions within the timeframe required under the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act. AUSTRAC Chief Executive Brendan Thomas said that once Revolut identified the issue, …