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Money Cryptocurrencies get AUSTRAC anti-money laundering and terrorism funding scrutiny

08:55  11 april  2018
08:55  11 april  2018 Source:   msn.com

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Cryptocurrencies now fall under the scrutiny of AUSTRAC — the anti - money laundering and terrorism financing body that busted the Commonwealth Bank for nearly 54,000 alleged breaches.

Updated. April 11, 2018 14:29:39 Cryptocurrency exchanges operating in Australia will now come under the scrutiny of Australia’s financial intelligence agency, AUSTRAC , and be monitored for money - laundering and terrorism funding activities.

Cryptocurrency© ShutterStock Cryptocurrency Cryptocurrency exchanges operating in Australia will now come under the scrutiny of Australia's financial intelligence agency, AUSTRAC, and be monitored for money-laundering and terrorism funding activities.

The new law gives AUSTRAC the powers to police digital currency exchanges (DCEs) trading in a variety of crypto currencies including bitcoin, Ethereum and Ripple.

AUSTRAC CEO Nicole Rose said the new laws had been generally welcomed by the digital currency exchange sector.

"The new laws will strengthen [AUSTRAC's] intelligence capabilities to help DCEs implement systems and controls that can minimise the risk of criminals using them for money laundering, terrorism financing and cybercrime," Ms Rose said.

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Bitcoin just dropped sharply and suddenly : Cryptocurrencies get AUSTRAC anti - money laundering and terrorism funding scrutiny Crypt Cryptocurrency exchanges operating in Australia will now come under the scrutiny of Australia's financial intelligence agency, AUSTRAC , and be monitored for

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"It's recognised that this reform will help protect their business operations from money laundering and terrorism financing, while regulation will also help strengthen public and consumer confidence in the sector."

Suspicious transactions must be reported

DCEs with a business operation located in Australia must now register with AUSTRAC and meet Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) compliance and reporting obligations before May 14.

There are believed to be fewer than 100 DCEs operating in Australia. So far around 20 have registered with AUSTRAC.

The AML/CTF act requires businesses on AUSTRAC's register to collect information to establish a customer's identity, monitor transactional activity and report transactions or activity that is suspicious or involves large amounts of cash over $10,000.

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The Australian Transaction Reports and Analysis Centre ( AUSTRAC ) is Australia's financial The Anti - Money Laundering and Counter- Terrorism Financing Act 2006 (Cth) (AML/CTF Act) is the United Kingdom. Money laundering and terrorist funding legislation in the UK is governed by

These new anti - money laundering and anti- terrorism laws (AML / CTF) require all financial institutions to collect data on the identity of their clients and monitor their transactions , and even report suspicious activities. The activity under scrutiny of this regulatory entity will undoubtedly monitor

"AUSTRAC now has increased opportunities to facilitate the sharing of financial intelligence and information relating to the use of digital currencies, such as bitcoin and other cryptocurrencies, with its industry and government partners," Ms Rose said.

"The information that these businesses will collect and report to AUSTRAC will have immediate benefit in the fight against serious crime and terrorism financing."

Cryptocurrencies and crime

The move to bring DCEs under AUSTRAC oversight follows a report from the Australian Criminal Intelligence Commission (ACIC) into the increased activity by criminal gangs in cryptocurrencies.

"Virtual currencies, such as bitcoin, are increasingly being used by serious and organised crime groups," ACIC noted in its report on Australian organised crime, released in August.

"They are a form of currency that can be sold anonymously online, without reliance on a central bank or financial institution to facilitate transactions."

There is abundant evidence that cryptocurrencies are being used on darknet marketplaces like Silk Road 3.0 and Valhalla Marketplace to facilitate the sale and trafficking of illicit drugs, firearms, precursor chemicals and child exploitation materials.

Ransomware attacks launched by cyber-criminals commonly demand payments to be made in cryptocurrencies to avoid being tracked.

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