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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
AUSTRAC said that existing businesses providing DCE services will need to register by 14 May 2018, adding that there will be criminal offence and civil penalty consequences if they provide such services without being registered.
