Cryptocurrency companies in Australia face AML regulation

18 August 2017

Anti-money laundering regulation will expand its applicability to include cyrptocurrencies for the first time in the country after the latest affray around the nation’s largest financial institution, the Commonwealth Bank of Australia (CBA) that was found to be in breach of the anti-money laundering and terrorist financing legislation.

Under the upcoming amendments to the laws fighting the money laundering activity, the function of the financial monitoring body Australian Transaction Reports and Analysis Centre (Austrac) will also be expanded and strengthened, as this agency started the legal action against the violation of the CBA.

Michael Keenan, Justice Minister of Australia, noted that preventing fund transfers to criminal rings and terrorist groups is a critical aspect of Australia’s national defense policy, and on this account the government expects regulated businesses nationwide to comply with the country’s regime.

The minister further underlined that the new regulation aims to introduce balanced approach that features both strengthening the fight against the organized crime and money laundering while throwing no obstacles in a way of development for the legitimate fintech startups and other financial institutions.

The new legislation in question has been well accepted by the Australian Digital Currency & Commerce Association, which noted that it plans to enhance its controls and improve regulatory awareness for the digital currency organizations.

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