Australia has recently announced a set of new regulations in an effort to combat financial crimes in the cryptocurrency industry.
These proposals were put forth by the Australian Transaction Reports and Analysis Center (AUSTRAC) as part of the country’s ongoing efforts to update its Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) Act.
In November, the Parliament passed amendments to the AML/CTF Act in line with this goal. The new draft rules proposed by AUSTRAC seek to enhance compliance measures for businesses operating in high-risk sectors such as crypto exchanges, real estate, legal services, and others that may be prone to illicit activities.
AUSTRAC is currently seeking feedback from the public on this new framework, with the consultation period open until February 2025. Some of the key changes proposed by Australia include stricter customer due diligence requirements, which would require businesses to verify customer identities using risk-based processes.
