Australia’s new legislative guidelines for the operation of cryptocurrency exchanges were introduced on the 3rd of April 2018. From now on, Australian digital currency exchange businesses will be required to register and comply with anti-money laundering/counter-terrorism financing (AML/CTF) laws.
Australia Introduces AML/CTF Requirements for Cryptocurrency ExchangesAustralia’s new regulative apparatus pertaining to cryptocurrencies has formally been adopted as law, mandating that digital currency exchange businesses comply with the country’s AML/CTF requirements.
Cryptocurrency exchanges must now register and report to the Australian Transaction Reports and Analysis Centre (AUSTRAC). AUSTRAC has issued a document outlining the primary obligations of digital currency exchanges under the new guidelines.
In addition to “adopting and maintaining an AML/CTF program to identify, mitigate and manage money laundering and terrorism financing risks,” Australian virtual currency exchanges must “identify” and “verify” the “identities of their customers,” keep “certain records for seven years,” and report “suspicious matters” and “transactions involving physical currency of $10,000 or more” to AUSTRAC.
Read more:
https://news.bitcoin.com/australian-regulations-cryptocurrency-exchanges-introduced/
