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ARTICLE · 19 JANUARY 2018

AML Extended To Digital Currencies - The 'Bitcoin Amendments'

Dentons
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Digital currency providers will soon be required to adhere to the AML/CTF standards required for remittance sector providers.

AustraliaFinance and Banking
Elise Ivory
Elise Ivory
Shriya Narula
Shriya Narula
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Digital currency providers will soon be required to adhere to the AML/CTF standards required for remittance sector providers.  Providers will be required to:

  • adopt and maintain an AML/CTF program;
  • conduct thorough customer identification and due diligence;
  • comply with suspicious matter reporting and threshold transaction reporting; and
  • comply with all record keeping requirements under the regime.

Digital Currency Register

The draft rules mirror the Rules as they currently apply to the remittance sector.  Providers will be required to register with AUSTRAC under a regime similar to the current registers for the remittance industry.

Reportable Transaction Details for Digital Currency Exchange Providers

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