Australia Proposes Strengthening Anti-Money Laundering and Counter-Terrorism Financing Regulations
YM Lee
Summary
- Australia has proposed strengthening its anti-money laundering and counter-terrorism financing regulations to enhance its response to financial crime.
- The regulations were introduced by the Australian Transaction Reports and Analysis Centre (AUSTRAC) and aim to improve oversight of high-risk sectors.
- Feedback on the draft regulations has been requested from stakeholders in the virtual asset and financial services industries, with plans to release the final version in February 2025.
Australia has proposed strengthening its Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations to combat financial crime.
According to a report by Cointelegraph on the 12th (local time), the rules introduced by the Australian Transaction Reports and Analysis Centre (AUSTRAC) are based on the AML/CTF Act amendment passed in Parliament last November. These rules aim to close regulatory gaps and improve oversight of high-risk sectors by applying stringent regulations.
Feedback on the final version of the proposal has been requested from stakeholders in the virtual asset and financial services sectors, and the draft rules are expected to be released for public consultation on February 14, 2025.
YM Lee
20min@bloomingbit.ioCrypto Chatterbox_ tlg@Bloomingbit_YMLEE
