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Nikita Matchado

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The Australian Transaction Reports and Analysis Centre (AUSTRAC) has recently published draft anti-money laundering and counter-terrorism financing rules (AML/CTF Rules) which are relevant to digital currency exchange service providers following the passage of the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2017 (Act) in December 2017. The new laws are scheduled to come into effect on 13 June 2018.  Tthe Act introduces new laws to regulate digital currency exchange service providers in the same way…

Australia has introduced new laws to regulate digital currency exchange service providers in the same way as providers of traditional currency exchange services. Businesses providing digital currency exchange services (for example, services converting money into bitcoin and vice versa) will need to be registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and comply with anti-money laundering requirements, following the passage of Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2017 last month. This follows…