The Australian Transaction Reports and Analysis Centre (AUSTRAC) has issued Revolut Payments Australia Pty Ltd with an infringement notice totalling $187,800 after the company notified AUSTRAC it had submitted late reports.

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/CTF) Act.

AUSTRAC CEO Brendan Thomas said after Revolut identified the issue it took the prompt steps to submit its reports and fix its controls.

AUSTRAC is focused on payment platforms as part of its 2024 regulatory priorities. In its 2024 national risk assessment, AUSTRAC identified services provided by remitters, including payment platforms, as posing a high and stable money laundering vulnerability.

Payment of an AUSTRAC infringement notice is not an admission of liability.