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AUSTRAC reminds crypto exchanges about illicit finance tracking obligations


AUSTRAC’s minimalistic website warns the exchanges which support digital currency about the recent legislation implemented in Australia. Amendments included in the most recent version of Australian law now demand to follow certain rules from cryptocurrency exchanges.

On Thursday 7 December 2017 Parliament passed the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2017 (Amendment Act). Royal Assent was granted on 13 December 2017. Any changes will come into effect from the date of Proclamation, which is expected to be 1 April 2018,” details the announcement AUSTRAC has made yesterday.

The cryptocurrency exchanges now have to set up measures for proper user identification, report any suspicious transactions to police and store transaction records in case the law enforcement needs them for investigation.

AUSTRAC previously made it clear it is going to focus on cryptocurrency illicit finance elimination just as much as it’s already focused on fiat criminal cash flows.

One should expect that Australia will be a supporter of active supervision during the upcoming cryptocurrency discussion at G20.


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