Austrac cancels remittance registration
The anti-money laundering regulator Austrac has cancelled the registration of Adelaide remitter Estefa Milka Honores, citing "significant money laundering risks."Austrac said it had tried to work with Honores, trading as American Cash Service, to improve her compliance program and help her meet reporting requirements before making the decision to cancel her licence.The regulator has cancelled ten remitters' registration since the Remittance Sector Register was established in 2011. Another seven entities have been refused registration and 17 have had conditions imposed in their registrations.Austrac advised that anyone using a remittance service to send money overseas should check the registration status of the business on the Austrac website.