AUSTRAC has cancelled the registration of Adelaide-based remitter Estefa Milka Honores trading as American Cash Service (Honores) due to significant money laundering risk. Concerns with Honores were identified through AUSTRAC’s regular industry monitoring.
The decision to cancel the registration was taken after AUSTRAC endeavoured to work with Honores to improve her anti-money laundering and counter-terrorism financing (AML/CTF) program and meet her reporting requirements. Remitters are required to have systems and controls in place to identify, mitigate and manage the risk of being misused by criminals.
They are also required to submit various reports to AUSTRAC, such as international funds transfer instructions. It is important that remitters meet their requirements. The money transfer industry is recognised globally as being particularly vulnerable to exploitation by criminals and terrorist groups for money laundering and terrorism financing.
AUSTRAC will continue to remove operators who fail to meet their AML/CTF obligations and put the reputation of the remittance industry, and Australia’s financial system, at risk.