According to the analysis of the current state of the Australia cryptocurrency sector, more than 400 registered exchanges and over 5,000 money transfer services were at high risk of using digital assets to launder money, fraud and financing of terrorism. As a result of the audit, the regulator introduced restrictive measures against 13 Australian cryptocurrencies and initiated investigative actions against 50 firms.
AUSTRAC CEO Brendan Thomas noted that the regulator has identified systematic problems associated with insufficient or missing reports of crypto companies about suspicious transactions, as well as numerous violations of the requirements of the Law on Money Laundering and Financing Terrorism (Aml/CTF), including checking the personality of customers (KYC).
“We started the investigation at the beginning of last year to identify and eliminate incompetent suppliers of crypto services from the market. We want to remind you that non -compliance with the requirements of AML/CTF can lead to the management of companies to criminal prosecution, and firms that ignore regulatory rules are a loss of licenses, ”Thomas noted.
Austrac called on all local crypto -taxes and money transfer services to fully introduce the AML/CTF program, including risk assessment and staff training in order to avoid regulator sanctions.
Earlier, the Australian Ministry of Finance has submitted a plan for the development of legislation in the field of digital assets, providing for the creation of a single regulated ecosystem.
Source: Bits
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