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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:
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.