The Australian Government has brought all cryptocurrency exchanges in the country under its control. New anti-money laundering or AML guidelines came into force on Tuesday.
The Australian Transactions and Reporting Analysis Centre (AUSTRAC) has directed Digital Currency Exchanges that it is mandatory for them to meet anti-money laundering and counter-terrorism financing (AML/CTF) obligations.
The Australian financial intelligence agency asked cryptocurrency exchanges to adopt and maintain an AML/CTF program to identify, mitigate and manage money laundering and terrorism financing risks; identify and verify the identities of their customers; and report to it suspicious matters and transactions involving physical currency of $10,000 or more.
All cryptocurrency exchanges in Australia are required to register with AUSTRAC by May 14.
It warned that providing digital currency exchange services without being registered is criminal offence and punishable.
Initially, during a 'policy principles' period of six months, the AUSTRAC CEO will take enforcement action if a cryptocurrency exchange fails to take "reasonable steps" to comply with its guidelines.
A law was passed in December, giving AUSTRAC the authority to monitor cryptocurrency exchanges.
by Joji Xavier
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