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ARTICLE · 28 MARCH 2019

There is nothing cryptic about the new AML/CTF obligations

McCullough Robertson
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AustraliaGovernment, Public Sector
Tim Wiedman
Tim Wiedman
Trudi Procter
Trudi Procter
Kathryn Morgan
Kathryn Morgan
Nicholas Palmer
Nicholas Palmer
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WHO SHOULD READ THIS

  • Providers of digital currency exchanges.

THINGS YOU NEED TO KNOW

  • AUSTRAC has worked with the AFP to make arrests and suspend two digital currency exchanges.

WHAT YOU NEED TO DO

  • Ensure that you are aware of and complying with your AML/CTF obligations.

Australia's anti-money laundering regulator has suspended the operation of two digital currency exchanges following a joint investigation with the Australian Federal Police.

Background

Two digital currency exchange businesses associated with a 27-year-old Victorian man have been suspended by Australian Transaction Reports and Analysis Centre (AUSTRAC). The joint operation with the Australian Federal Police also resulted in the man's arrest in connection with various drug charges and restraints on over $2 million worth of property .

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