Australian cryptocurrency exchanges must follow new anti-money laundering (AML) rules starting April 3 2018

Per an Australian government website, Austrac, new regulations surrounding cryptocurrency exchanges have gone in to effect as of April 3 2018.

In their wording,

 From 3 April 2018 DCE businesses are required to meet AML/CTF obligations, including:

• adopting and maintaining an AML/CTF program to identify, mitigate and manage money laundering and terrorism financing risks
• identifying and verifying the identities of their customers
• reporting to AUSTRAC suspicious matters, and transactions involving physical currency of $10,000 or more
• keeping certain records for seven years.

The website continues to state that a 6 month grace period will be extended to all digital currency exchange providers, although citing that current DCEs will need to register by 14 May 2018.

Similar regulations have been enacted by other members of the Financial Action Task Force, or FATF, globally, as the popularity of alternative or cryptocurrencies grows. FinCEN, the U.S.A.'s sister organization to Austrac, issued a clarification in 2013 stating that " An administrator or exchanger that (1) accepts and transmits a convertible virtual currency or (2) buys or sells convertible virtual currency for any reason is a money transmitter under FinCEN’s regulations, unless a limitation to or exemption from the definition applies to the person," essentially stating that their current regulations surrounding AML and money transmitters applies to virtual currency exchangers as well.

http://www.austrac.gov.au/news/digital-currency-exchange-providers-register-online-austrac