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Digital currency exchange providers

If your business exchanges money (whether Australian or foreign currency) for digital currency, or digital currency for money, then you have obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). These obligations include:

  • registering and enrolling your business with AUSTRAC
  • adopting and maintaining an AML/CTF program that mitigates and manages your business’s money laundering and terrorism financing risks
  • reporting suspicious matters and threshold transactions to AUSTRAC
  • keeping records relating to customer identification, transactions, and your AML/CTF program.

For detailed information about your obligations, please refer to the AML/CTF Act, the AML/CTF Rules and the AUSTRAC compliance guide.

Registration and enrolment

Before providing digital currency exchange (DCE) services in Australia, you must enrol and register with AUSTRAC. A registration application also meets enrolment requirements.

There are criminal and civil penalties for providing DCE services while unregistered.

How to develop an AML/CTF program

To help you understand your obligations and implement an AML/CTF program for your business, we have developed a guide for DCE providers:

Preparing & implementing an AML/CTF program: Guide for digital currency exchange service providers (Word, 178KB)

This industry-specific guide was developed in collaboration with industry bodies representing the DCE sector, and will help you to:

  • understand whether you must be registered with AUSTRAC
  • understand your AML/CTF obligations
  • consider what is important when preparing an AML/CTF program.

The AUSTRAC compliance guide and templates will also help you develop and tailor an AML/CTF program to your business needs.


Last modified: 20/12/2018 11:31