AUSTRAC is Australia's financial management agency, which is responsible for preventing and detecting wire washing and terrorism. Digital currency traders in Australia must apply for AUSTRAC and provide all business details. If the company providing digital currency loan transactions does not apply for AUSTRAC license, it may be imprisoned for two years or fined 105000 Australian dollars, or both. Australia has many advantages, such as the government's development attitude, rapid business qualification process, and a financial system that matches Europe and the United States. Therefore, Australia has also become an ideal place for many investors to register. The financial supervision means here are perfect and can be used as the first choice for blockchain projects.
AUSTRAC is Australia's financial management agency, which is responsible for preventing and detecting money laundering and terrorist financing activities. The federal government enhances the compliance of reporting entities with anti-money laundering /CTF laws and regulations by expanding the powers and functions of the CEO of Australia University Group.
After the Anti-Money Laundering /CTF Amendment comes into effect, the Australian Transaction Reporting Center has the following powers:
1. The CEO of Australasia can issue notices about a wider range of violations, including non-compliance with Know Your Customer (KYC) reporting and record-keeping procedures.
2. The CEO of 2.AUSTRAC can issue the latest policy instructions to licensed companies to track their violations of obligations.
3. Give police and customs officials the right to search and detain the person in charge of a licensed company that violates their obligations at the Australian border.
The new licensing requirements will apply anti-money laundering /CTF rules to enterprises engaged in digital currency transactions (such as bitcoin exchanges). More specifically, digital currency dealers will be required to:
1. Australian digital currency dealers must apply for AUSTRAC and provide all business details. If the company offering digital currency trading fails to apply for AUSTRAC license, it may result in two years' imprisonment or a fine of 105000 Australian dollars, or both.
2. Establish and maintain an anti-money laundering /CTF plan to identify, mitigate and manage possible money laundering and terrorist financing risks.
3. Identify and verify the identity of customers.
4. Report suspicious activities and transactions involving legal tender and exceeding/10 000 Australian dollars or more (or equivalent) to the Australian Transaction Reporting Center.
5. Keep special records of transactions, customer identification and anti-money laundering /CTF projects for 7 years.
To apply for AUSTRAC license, you must own an Australian company before you can apply for registration.
Australia is the leading core financial market in the world. Obtaining Australian AUSTRAC regulatory license can greatly enhance the strength of the platform and the confidence of customers. It is the standard license plate of trading institutions in digital currency. Australian license plate still has high gold content, which can lay the foundation for later exchange and publicity.