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Stricter Regulations for Crypto and High-Risk Sectors
Australia is looking to tighten its rules around cryptocurrency to help reduce financial crime. The Australian Transaction Reports and Analysis Center (AUSTRAC) has introduced new proposals to strengthen Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) laws. The new rules would target high-risk industries, including crypto exchanges, legal services, and real estate, to improve oversight and transparency.
What the New Rules Involve
The proposed changes include more detailed checks on customers, tougher rules for tracking and reporting transactions, and stricter requirements for businesses handling cross-border transfers. Companies will need to verify customers’ identities, keep an eye out for suspicious activities, and follow the “Travel Rule,” which ensures international transactions are properly tracked.
Easier Compliance for Businesses
The new framework also aims to make it easier for businesses to comply by focusing on the outcomes, not just specific steps. This means companies can adjust their compliance methods based on their size and risk levels, but still maintain high standards.
Have Your Say
These proposals are open for public comment until February 14, 2025. AUSTRAC is encouraging feedback from crypto businesses and financial services to help shape the final rules.
