Tag: anti-money laundering

Taking a byte at financial crime: New AML/CTF guidance and timelines for digital currency exchanges

Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulator, AUSTRAC, has released its guidance with respect to new laws that require digital currency exchange (DCE) providers to register and comply with AML/CTF obligations. AUSTRAC takes a broad approach in interpreting what is covered within the legal definition of a DCE. Essentially, any operation that converts fiat … Continue Reading

Australian financial institutions may see greater involvement in counter terrorism financing efforts

In light of today’s geo-political climate and public concerns over the threat of terrorist attacks, we see a trend of governments placing greater focus on countering the funding of terrorist groups. Indeed, the United Nation’s International Convention for the Suppression of the Financing of Terrorism, which Australia has ratified, has been in force since 2002 … Continue Reading

Changing the digital currency game: new laws to regulate Bitcoin in Australia

Ever since the infamous Silk Road website was investigated and shut down by the US Federal Bureau of Investigation in 2013, and again in 2014, for facilitating the trafficking of illegal narcotics on the “darknet” using Bitcoin, the world of digital currencies has never been the same. Once upon a time Bitcoin was often used … Continue Reading
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