Australian Government Announces New Cryptocurrency Exchange Regulations, Starting Today

Voyager
Voyager

On April 3, the Australian government announced that cryptocurrency exchanges are officially expected to follow new regulations in order to prevent money laundering and terrorism financing. Exchanges must now enroll and register with the Australian Transaction Reports and Analysis Centre (AUSTRAC), or else face “criminal offense and civil penalty consequences.”

Digital currency exchanges (DCE) are now required to meet four major obligations, outlined on the AUSTRAC website:

  • Adopting and maintaining an AML/CTF program to identify, mitigate and manage money laundering and terrorism financing risks
  • Identifying and verifying the identities of their customers
  • Reporting to AUSTRAC suspicious matters, and transactions involving physical currency of $10,000 or more
  • Keeping certain records for seven years

Existing companies are expected to register online by May 14th, 2018. Starting April 3rd, the authority announced that a six-month “policy principles” period will begin, where AUSTRAC has the authority to “take enforcement action if a DCE business fails to take ‘reasonable steps’ to comply.”

More: New AML Rules for Australia’s Bitcoin Exchanges Kick In April 3
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