A Sydney man has found himself banned by the Australian Transaction Reports and Analysis Centre (AUSTRAC).
The organisation, specifically established under the Anti-Money Laundering Counter Terrorism Financing Act, said it had removed Cyril Ihemeje from the Register of Providers of Designated Remittance Services.
AUSTRAC chief executive John Schmidt said Ihemeje had been convicted of money laundering offences and, on that basis, AUSTRAC had formed the opinion that keeping the man on the register represented an unacceptable money-laundering risk.
Schmidt said that under the legislation, it would be an offence for Ihemeje to provide registrable designated remittance services while his name and registrable details were not on the register, with the penalty for doing so being two years imprisonment and a fine of $55,000.
