New regulations of the Australia’s cryptocurrency exchanges, developed  to combat money laundering and criminal attacks (AML/CTF rules) came into effect on April 3, according to the post published by The Australian agency of Financial Intelligence (AUSTRAC).

From now on, all cryptocurrency exchanges in Australia must follow some new rules, including: Register with the AUSTRAC agency and adopt, implement, and maintain an AML/CTF program; Report suspicious activity and fiat currency transfers of 10,000 AUD (about $7,700) or higher. In addition, all digital currency platforms are obliged to keep certain records for seven years.

It is noted, providing the corresponding financial services without registration there will be criminal offence and civil penalty consequences.

“A ‘policy principles’ period of six months will be in place from 3 April 2018. During that period, the AUSTRAC CEO can only take enforcement action if [a cryptocurrency exchange] fails to take ‘reasonable steps’ to comply,” the statement reads.

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