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Australia to Regulate Cryptocurrency Under Anti-Money Laundering Laws

Apr 03, 2018 Posted /  746 Views

Australia to Regulate Cryptocurrency Under Anti-Money Laundering Laws

Australia to Regulate Cryptocurrency Under Anti-Money Laundering Laws


The Australian government has confirmed that the Cryptocurrency Exchanges in Australia must abide by new anti-money laundering (AML) rules from April 3

As per the information updated on the website of the Australian Transaction Reports and Analysis Centre (AUSTRAC), ‘digital currency exchanges’ must not only register with authorities but also commit to various reporting and identity checking procedures.

This initiative by the government is directed as an attempt to seal the remaining loopholes in cryptocurrency use regulating tax and identity management by Australian authorities


Not to mention, it was only in the last week when the Australian Taxation Office sought recommendations from the taxpayers as to how deductions arising from cryptocurrency profits should best be collected.

For the start, exchanges must now adhere to four principal rules in order to operate on the board:


  • 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.

A six-month grace period will accompany the new laws, in that period  AUSTRAC would observe more lenient approach on operators who fail to comply with the requirements.

“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,” it adds.

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Tags: australia cryptocurrency anti money laundering cryptocurrency anti money laundering australia crypto australia cryptocurrency law australia law

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