According to the Australian Transaction Reports and Analysis Centre (AUSTRAC), new rules have been introduced starting April 3rd.
The new regulations are for the cryptocurrency exchanges and have to do with the new anti-money laundering (AML) rules. Those require the “digital currency exchange” providers to register with the authorities and ensure that various reporting and identity checking procedures are in place and adhered to.
The listed obligations are:
- 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.
Australian authorities aim at closing any loopholes left in the cryptocurrency taxes and identity verification.
Every business will have 6 months to take “reasonable steps” to adopt the new obligations. During this time enforcement will be more lenient.
All existing businesses that provide the “digital currency exchange” services have to register by 14th of May. Providing such services without being registered will be considered a criminal offence.