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New AML and CTF Regulations for Australian Crypto Exchanges

Australian Crypto Exchanges need to follow new norms

The notice has been issued by Austrac Agency on its website advising to the Digital Currency Exchange (DCE) that All DCE businesses need to follow these guidelines associated with AML/CTF obligations.

The Cryptocurrency Exchanges in Australia are bound to abide the regulations such as 1. All the platforms are required to register with Austrac Agency in order to stringently follow the AML and CTF program to understand and predict the probable situations of money laundering. 2. They are required to inform the agency on receiving more than or equal to $10,000 in Fiat currency from any user. 3. Exchange platforms are required to verify the identification of users. 4. User record must be maintained for at least seven years. 5. Australian Cryptocurrency exchanges are required to register by 14th May 2018 so that they can provide services legally.

A principal period of policy is six months which starts with immediate effect from 3rd April 2018. Within this duration, the CEO of the agency may take any kind of enforcement actions if any crypto exchange fails to take the necessary actions.

The Australian Senate was the first agency to create the rules to mitigate the crypto frauds and created bill against AML and CTF in December’17. This document has allowed Austrac to trace the existing Australian cryptocurrency exchanges records.

Although the very first bill was issued in the month of October 2017 which was in regard to crypto asset “double taxation” where digital coins were subjected to the taxation on purchase and sale. It was also said that by July 1st Bitcoin and Altcoins will be treated as the foreign currency that comes under the law of ‘Goods and Services Tax’



This post first appeared on Altcoin News, please read the originial post: here

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New AML and CTF Regulations for Australian Crypto Exchanges

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