Australian Finance Watchdog Charges Brendan Gunn Over Alleged Crime Proceeds

According to Cointelegraph, Brendan Gunn, brother of Olympian Rachael Gunn, has been charged by Australia's finance watchdog for allegedly dealing with money suspected to be proceeds of crime. The Australian Securities and Investments Commission (ASIC) announced on March 5 that Gunn faces one count of dealing with money that could be reasonably suspected as crime proceeds. ASIC alleges that Gunn handled two bank cheques containing proceeds from four investment amounts totaling $181,000. These funds were deposited by three investors for conversion to cryptocurrency. Brendan Gunn served as a director at Mormarkets, a company involved in fiat-to-crypto conversions. Despite repeated closures of bank accounts due to scam concerns, Gunn reportedly continued to open new accounts to facilitate these transactions. Gunn appeared in a local court on March 4 and is scheduled to return on April 29. If found guilty, he could face up to three years in prison, a fine of $37,800, or both. ASIC Chair Joe Longo emphasized the regulator's commitment to scam prevention and detection, stating that they will take necessary actions when required. This development comes as Australian regulators intensify their focus on the cryptocurrency industry. The Australian Transaction Reports and Analysis Center (AUSTRAC) recently took action against 13 remittance service providers and crypto exchanges in February, with over 50 others under investigation for potential compliance issues. AUSTRAC CEO Brendan Thomas indicated a shift in focus towards the cryptocurrency sector in 2025, particularly targeting crypto ATM providers potentially violating Anti-Money Laundering laws. In December, ASIC released a consultation paper proposing guidance for the crypto industry, categorizing many digital assets as financial products and requiring firms dealing in crypto to obtain licenses. This move reflects a broader regulatory effort to ensure compliance and safeguard against financial crimes in the rapidly evolving crypto landscape.