AUSTRAC Puts Crypto in the Crosshairs in New Regulations
2025-07-17 15:38:37
Main Idea
AUSTRAC has introduced new regulations targeting cross-border cryptocurrency transfers and expanding oversight to additional industries, with compliance deadlines set for 2026.
Key Points
1. AUSTRAC's new strategy focuses on cross-border cryptocurrency transfers and expands regulatory oversight to industries like precious metals and stones (Tranche 2).
2. Companies already regulated by AUSTRAC must comply with new standards by March 31, 2026, while newly added Tranche 2 businesses have until July 1, 2026.
3. The regulations require improved customer checks, transaction monitoring, and anti-money laundering (AML) measures.
4. AUSTRAC aims to prevent criminal abuse of cryptocurrencies and other regulated industries through stricter oversight.
Description
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has outlined a new strategy to tackle financial crime by naming cryptocurrency platforms among its highest priorities.
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