ASX Falls as AUSTRAC Orders Binance Audit After Crime Crackdown
The Australian share market closed down more than 1%, relinquishing its morning gains following a national address by former US President Donald Trump and a rise in oil prices to $US106 a barrel. The market swing highlights ongoing volatility from global political and commodity pressures. In a significant regulatory move, Australia's financial crimes watchdog, AUSTRAC, has directed the payment platform Binance Australia (referenced as MHITS Limited in regulatory filings) to appoint an external auditor. The directive mandates an assessment of whether the company is complying with its anti-money laundering and counter-terrorism financing (AML/CTF) obligations, citing serious concerns with its controls. The action against Binance is part of a broader crackdown on the online payment services industry. AUSTRAC's investigation has already yielded substantial results, uncovering 'multiple examples of high-risk customers' and leading to the referral of 45 suspected paedophiles to law enforcement agencies. This underscores the critical role of financial oversight in combating serious criminal activity online.
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As it happened: ASX down after Trump speech and oil back up to $US106 a barrel - ABC News
A fuel tanker unloads at a petrol station (ABC News: John Gunn) ... Australian anti-money laundering regulator AUSTRAC has directed payment platform MHITS Limited to appoint an external auditor to assess whether it is meeting its anti-money laundering and counter-terrorism financing obligations.
As it happened: ASX down after Trump speech and oil back up to $US106 a barrel - ABC News
Australian anti-money laundering regulator AUSTRAC has directed payment platform MHITS Limited to appoint an external auditor to assess whether it is meeting its anti-money laundering and counter-terrorism financing obligations.
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