Amendments to the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2017 expands the Act to include regulation of Digital Currency Exchange Providers. These changes will come into effect on 3 April 2018.
The money exchanged can be received or sent by electronic means such as a funds transfer, held in an account, held on deposit or be cash, and can be Australian or foreign currency. It does not include changing one type of digital currency for another.
Regulation will involve mandatory registration and compliance obligations, including…
- customer identification and due diligence
- adopting and maintaining an AML/CTF program—this includes identifying, managing and lessening money laundering and terrorism financing risk
- suspicious matter reporting
- threshold transaction reporting—this involves cash amounts of $10,000 or more
- record keeping.