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ARTICLE · 12 JUNE 2023

Expanding AML Requirements For Digital Currency Exchanges

K&L Gates
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The Australian Government has committed to reforming Australia's AML/CTF regime, with proposed reforms set to impact digital currency exchange (DCE) providers.

AustraliaGovernment, Public Sector
Daniel Knight
Daniel Knight
Grace Hall
Grace Hall

The Australian Government has committed to reforming Australia's AML/CTF regime, with proposed reforms set to impact digital currency exchange (DCE) providers.

The proposed reforms impacting DCE providers

In April 2023, the Attorney-General released the first of two consultation papers outlining proposed changes to the AML/CTF framework.

The consultation paper contemplates reforms that will directly impact DCE providers including:

  • extending AML/CTF obligations to crypto-to-crypto exchange and custody (rather than just fiat on and off ramps); and
  • Requiring DCE providers to comply with the "travel rule".

The paper indicates that the reforms will be aligned with any broader reforms of the digital asset sector as are currently under consideration by Treasury, such as the possible introduction of licensing requirements for DCE providers and other service providers.

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