The anti-money laundering regulator Austrac has cancelled the registration of a remittance provider, KMT Sydney Pty Ltd, after finding that it presented a significant money laundering, terrorism financing and people smuggling risk.The regulator found that the company did not have suitable systems and procedures in place to manage its risks.Austrac also said KMT had been providing remittance services prior to being registered.KMT's website describes it as a money transfer business that was established in 2011 and licensed by the Bank of Greece.Since it set up a remittance register in 2011, Austrac has refused five registration applications, cancelled two registrations (including KMT), and imposed conditions on another 15 companies.