Australian regulator orders audit of Binance money laundering controls

AUSTRAC has ordered Binance Australia to appoint an external auditor after identifying serious shortcomings in the exchange’s Anti-Money Laundering controls.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) ordered the local unit of crypto exchange Binance to appoint an external auditor over concerns about its Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) systems.

The regulator said Friday the decision was made “after identifying serious concerns” with Binance’s AML/CTF controls.

Matt Poblocki, Binance Australia and New Zealand general manager, told Cointelegraph, “Binance Australia acknowledges AUSTRAC’s decision,” adding that the move was “one of their supervisory review measures and not an enforcement action.”

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