AUSTRAC Intensifies Crypto Oversight Amid New Regulatory Reforms
- Australia’s financial intelligence unit, AUSTRAC, has launched two supervisory campaigns targeting the virtual assets sector.
- The campaigns involve engagement with over-the-counter crypto-to-cash operators and local crypto exchanges.
- AUSTRAC is assessing how well these businesses manage money laundering risks under the new regulatory framework.
- New regulations expand oversight to include Virtual Asset Service Providers (VASPs), covering custody and brokerage services.
- The reforms took effect on March 31, with additional requirements for virtual asset transfers becoming mandatory on July 1.
AUSTRAC’s initiatives aim to ensure that Australia’s crypto exchanges and other service providers comply with expanded anti-money laundering obligations. This shift reflects a broader regulatory approach to mitigate financial crime risks across the sector.
By engaging directly with crypto businesses, AUSTRAC seeks to enhance their readiness for upcoming reforms and improve risk management practices in the rapidly evolving virtual asset landscape. (Source)
