AUSTRAC has recently launched two supervisory campaigns targeting virtual asset businesses as new AML/CTF reforms come into effect. One of these initiatives, the “ramps and rails” campaign, specifically targets over-the-counter crypto-to-cash operators. The other targets local digital currency exchange operators. This follows the transition from the “digital currency exchange” regime to the expanded “virtual asset service provider” (VASP) framework earlier this year. The VASP

The Australian Transation Reports and Analysis Centre ( AUSTRAC ) has commenced its education efforts in the run-up to implementation of Australia's enhanced virtual asset service provider ( VASP ) regime which is currently scheduled to enter into force from 31 March next year. The guidance follows: Substantial amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 ( AML/CTF Act ) passed last year which include a number of new designated services for

In a move to strengthen Australia’s money laundering defences, Minister for Home Affairs Tony Burke has announced proposed legislative amendments that would grant the CEO of the Australian Transaction Reports and Analysis Centre ( AUSTRAC ), Brendan Thomas, new powers to restrict or prohibit high-risk financial products, services, and delivery channels. The legislation would also include provisions for banks to access visa status information to help identify mule accounts.

When a bank declines or withdraws services, this is known as “de-banking”. As a practice, de-banking has had widespread impacts on high...