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Two More Australian Exchanges Meet Exchange Criteria For AUSTRAC

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Wed, 18/04/2018 - 8:10
Two More Australian Exchanges Meet Exchange Criteria For AUSTRAC
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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.

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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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