This follows a fine to MoneyGram of $122,400 in January this year for the same type of contraventions, bringing the total to almost half a million dollars.

Both infringement notices arose from an AUSTRAC compliance assessment in 2014.

This action can only serve to fuel the global trend of 'de-risking' further. Many banks have already given up on relationships with money-transmitters and other remittance services. AUSTRAC's CEO Paul Jevtovic lent his voice to the chorus of disapproval by expressing heavy disapproval of remitters in general.

He noted: 'The money remittance sector is recognised internationally as being particularly vulnerable to exploitation by criminals. Businesses with systemic vulnerabilities, or repeated AML/CTF non-compliance, risk (a) exploitation by criminals, (b) severe regulatory action from AUSTRAC and (c) serious reputational damage.

This is the fourth infringement notice issued by AUSTRAC for contraventions of the AML/CTF Act.

Ria Financial Services Australia paid a $225,600 infringement notice for similar contraventions in 2013 and ClassicBet Pty Ltd paid $10,200 for its failure to apply to enrol within the required timeframe.