New Regulations In Australia

Marcin Iwański
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The Australian government confirmed that cryptocurrency exchange platforms must obey new anti-money laundering (AML) rules from April 3.

The new rules are a way to seal and secure cryptocurrency use regarding tax and identity management.

According to the information on the Australian Transaction Reports and Analysis Centre (AUSTRAC), cryptocurrency exchange markets must register with authorities and obey identity checking procedures (AML).

To secure citizens investments from scams that occur in cryptocurrencies, the Australian Taxation Office asked taxpayers what the best way to collect write-offs from cryptocurrencies is.

The security rules are changed and cryptocurrency exchange platforms must follow those rules:

  • 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 ‘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.

AUSTRAC will consider milder approach for cryptocurrency exchange markets which are short of requirements.


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