AUSTRAC Cracks Down on Crypto Money Laundering in Australia
Australia's financial crime watchdog, AUSTRAC, has raised the compliance bar for the crypto industry in the country. As of immediately, anyone using certain cryptocurrency services in Australia will need to verify their identity and explain where their money actually came from.
The new regulations are part of Australia's Anti-Money Laundering and Counter-Terrorism Financing framework. They require users to present valid identification before transacting, as well as confirm the source of their funds.
The primary goal behind these AML crypto Australia rules is to combat money laundering and the use of illicit funds within the crypto community. AUSTRAC aims to choke off pathways criminals use to launder money or move illicit funds through digital assets.