AUSTRAC opens consultation on new rules for digital currency exchange providers

Australia’s financial intelligence agency AUSTRAC has earlier today provided another update to digital currency exchange providers. Somewhat later than initially planned, the agency published its draft AML/CFT Rules for consultation.

The draft amendments result from the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2017, which is also known as the “Bitcoin bill”. In December last year, the legislative piece passed both Houses and got Royal Assent.

Today, AUSTRAC opened a public consultation into the draft AML/CFT Rules. The period of the consultation lasts until February 13, 2018.

The rules, inter alia, provide detailed information on the Digital Currency Exchange Register, as well as requirements for information to be reported about a threshold transaction.

To read more, please click on the link below…

Source: AUSTRAC opens consultation on new rules for digital currency exchange providers – FinanceFeeds