Australia rolls out new AML/CTF laws for digital currency exchange providers
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has announced that digital currency exchange (DCE) providers would be required to meet Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) obligations, effective 3 April 2018.
AUSTRAC is Australia’s financial intelligence agency with regulatory responsibility for AML/CTF.
“A ‘policy principles’ period of six months will be in place from 3 April 2018. During that period, the AUSTRAC CEO can only take enforcement action if a DCE business fails to take ‘reasonable steps’ to comply,” AUSTRAC said.
Under the new AML/CTF laws, DCE providers would be required to:
- Adopt and maintain and AML/CTF program to identify, mitigate and manage money laundering and terrorism financing risks
- Identify and verify the identities of their customers
- Report to AUSTRAC suspicious matters, and transactions involving physical currency of $10,000 or more
- Keep certain records for 7 years
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Source: Australia rolls out new AML/CTF laws for digital currency exchange providers – EconoTimes
