All businesses providing digital currency exchange services in Australia are regulated under the newly amended Anti Money Laundering and Counter Terrorism Financing Laws
Consequently exchanges must now take ‘reasonable steps’ to adhere to four key principles in order to operate above board with respect to the new AML/CTF rules, and they are as follows:
- Adopt and maintain an AML/CTF program to identify, mitigate and manage money laundering and terrorism financing risks.
- Identify and verify the identities of their customers.
- Report to AUSTRAC any suspicious matters, and transactions involving physical currency of $10,000 or more; and
- Keeping certain records for seven years.
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