AUSTRAC, the Australian financial intelligence agency, launched two oversight campaigns targeting the country’s digital asset sector, under the anti-money laundering reforms that came into force on March 31.
The first campaign, called “ramps and rails,” involves 36 over-the-counter operators that facilitate conversion between cryptocurrencies and cash. The second targets 27 local exchanges and assesses their readiness for regulatory changes and their governance structures. In both cases, the objective is to measure money laundering risk management under the new regulatory framework.
“AUSTRAC is checking how well crypto businesses in Australia are managing money laundering risks before the new laws take effect,” said chief executive Brendan Thomas.
The reforms replace the definition of “digital currency exchange” with the internationally recognized term virtual asset service provider (VASP), extending anti-money laundering obligations to custody services, brokerage, and other activities beyond the traditional exchange of cash for cryptocurrencies. Travel Rule requirements for virtual asset transfers will become mandatory starting July 1.
Source: https://x.com/AUSTRAC/status/2052648280421449738
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