The fintech identified breaches and reported them to AUSTRAC.
The agency highlighted that Revolut was “cooperative and paid the infringement notice.”
Nikolay Storonsky, Founder and CEO, Revolut (Source: Wikimedia)
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.
Brendan Thomas, the CEO of AUSTRAC
“Revolut has been cooperative with AUSTRAC and paid the infringement notice in full,” said AUSTRAC’s CEO, Brendan Thomas, noting that Revolut identified the issue and took prompt steps to submit its reports and strengthen its controls.
“These are the real-life consequences of failures to report, and it’s why failures need to have regulatory consequences, even where reporting entities detect, disclose and report the breaches.”
Revolut’s Australian Dream
Revolut primarily offers remittance services under its Australian unit. The British fintech entered Australia in 2019 when it opened its Melbourne office.
Matt Baxby, Revolut's Australia and New Zealand CEO (Photo: LinkedIn)
Founded in 2015, Revolut first emerged as a challenger bank and was granted a UK banking licence last year after a three-year delay. In the EU, it operates under a Lithuanian licence.
The company has also secured a banking licence in Mexico and is seeking one in New Zealand. In addition, it has pledged to invest over €1 billion (US$1.1 billion) in France, where it intends to apply for a banking licence.
“Remittance services are attractive to money launderers and other types of criminals because they can move funds cheaply and quickly across borders,” Thomas added. “We take late reporting seriously because timely reports are critical to help us detect and disrupt financial crime – to strike while the iron is hot.”
AUSTRAC’s Priorities
AUSTRAC has also tightened regulations on payment platforms in 2024.
“The risks in this sector are high and they are consistent,” said AUSTRAC’s CEO.
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.
Brendan Thomas, the CEO of AUSTRAC
“Revolut has been cooperative with AUSTRAC and paid the infringement notice in full,” said AUSTRAC’s CEO, Brendan Thomas, noting that Revolut identified the issue and took prompt steps to submit its reports and strengthen its controls.
“These are the real-life consequences of failures to report, and it’s why failures need to have regulatory consequences, even where reporting entities detect, disclose and report the breaches.”
Revolut’s Australian Dream
Revolut primarily offers remittance services under its Australian unit. The British fintech entered Australia in 2019 when it opened its Melbourne office.
Matt Baxby, Revolut's Australia and New Zealand CEO (Photo: LinkedIn)
Founded in 2015, Revolut first emerged as a challenger bank and was granted a UK banking licence last year after a three-year delay. In the EU, it operates under a Lithuanian licence.
The company has also secured a banking licence in Mexico and is seeking one in New Zealand. In addition, it has pledged to invest over €1 billion (US$1.1 billion) in France, where it intends to apply for a banking licence.
“Remittance services are attractive to money launderers and other types of criminals because they can move funds cheaply and quickly across borders,” Thomas added. “We take late reporting seriously because timely reports are critical to help us detect and disrupt financial crime – to strike while the iron is hot.”
AUSTRAC’s Priorities
AUSTRAC has also tightened regulations on payment platforms in 2024.
“The risks in this sector are high and they are consistent,” said AUSTRAC’s CEO.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
United Fintech Scores Sixth Backer Days After Barclays Deal
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
