IMPORTANT COMPLIANCE WARNING:
Australia is introducing new amendments to the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2017 to regulate digital currency providers in Australia and the new laws are expected to be in effect from 1 April 2018.
These amendments would introduce the Australian Government’s new measures to regulate digital currency exchange providers in Australia. These would cause the vast number of Australian digital currency exchange providers, who provide platforms for; Bitcoin, Ethereum, Ripple and other cryptocurrencies, to be registered and policed by the :
Australian Transaction Reports and Analysis Centre (AUSTRAC).
The new regulation would include introduction of mandatory registration and compliance obligations, including:
- customer identification and due diligence
- adopt and maintain an AML/CTF program
- suspicious matter reporting
- threshold transaction reporting
- record-keeping requirements