Binance Australia has been directed to appoint an external auditor by the country’s anti-money laundering (AML) regulator.
Australian Transaction Reports and Analysis Centre (AUSTRAC) said it has identified “serious concerns” with the crypto exchange’s AML and counter-terrorism financing (CTF) controls.
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Binance Australia has 28 days to nominate external auditors for AUSTRAC’s consideration.
AUSTRAC said it has flagged concerns about Binance’s AML/CTF governance based on its high staff turnover and a lack of local resourcing and senior manager oversight.
“We have engaged openly and transparently with Austrac over the past several months and continue to value their guidance, expertise, and oversight,” Matt Poblocki, general manager of Binance Australia and New Zealand, said, according to a Bloomberg report. “We remain committed to
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