AUSTRAC Launches Supervisory Campaigns for Crypto Firms Operating in Australia
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AUSTRAC has opened two supervisory campaigns targeting the virtual asset sector, engaging dozens of crypto businesses and exchanges to assess AML/CTF controls. The agency says it will support genuinely compliant firms but will take a more forensic supervisory approach, increasing compliance scrutiny and potential operational costs for CEXs, DeFi providers and other crypto services.
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- Australian authorities are about to reform the rules governing crypto businesses.
- AUSTRAC is on a supervisory campaign for crypto businesses ahead of the reform.
- The agency aims to support businesses that are focused on doing the right thing.
The Australian financial intelligence agency (AUSTRAC) has hinted at upcoming reforms that necessitate conducting two supervisory campaigns targeting the region’s virtual asset sector. The agency stated in its latest announcement that it is engaging with dozens of crypto businesses and exchanges, focusing on how they are managing their AML/CTF risks.
AUSTRAC Will Support Genuine Businesses
Addressing the upcoming reform, AUSTRAC CEO Brendan Thomas said the agency will support and guide businesses that are genuinely trying to do the right thing. However, he noted their commitment to adopt a more forensic approach in addres…
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