Australian government proposes new anti-laundering and counter-terrorism financing laws in which Bitcoin exchanges will be regulates.
Australian Transactions and Reporting Analysis Centre (AUSTRAC), the power of the new laws will be reinforces. It has been in the headlines for claiming the Commonwealth Bank of Australia (CBA.AU) penetrated the nation’s anti money laundering and extremism financing laws by not accurately reporting transaction through its intelligent ATMs.
Therefore, Bitcoin exchanges comes under the administration of AUSTRAC.
The complete information on Justice Minister Michael Keenan’s proposals:
The Bill provides net regulatory relief to industry of $36 million annually, with the digital currency exchange sector being regulates for the first time, while deregulating low-risk industries such as cash-in-transit, which is already subject to state and territory licensing requirements.
The threat of serious financial crime is constantly evolving, as new technologies emerge and criminals seek to nefariously exploit them. Therefore, these measures ensure there is nowhere for criminals to hide.
Stopping the movement of money to criminals and terrorists is a vital part of our national security defenses and we expect regulated businesses in Australia to comply with our comprehensive regime. AUSTRAC has a strong track record in ensuring our financial institutions comply with the law.