Having implemented new regulations for Australian exchanges Australian Transaction Reports and Analysis Centre (AUSTRAC) has registered two more exchanges under the regulations, bringing the total up to five.
NCX and ACX.io join Independent Reserve and CoinSpot, as well as soon to be opened Blockbid, in complying with the same anti money laundering and counter-terrorism financing (AML-CTF) rules that apply to other finance sector participants such as banks.
It largely means that digital currency exchanges are subjected to the same anti-money laundering and counter-terrorism financing laws as institutions that deal in fiat currency, such as banks.
That means verifying the identity of customers, reporting “suspicious” transactions as well as those over AUD$10,000, and keeping records for seven years.
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Vladislav Sopov
Arman Shirinyan
Dan Burgin