Austrac has announced its timetable for guidance to support both current reporting entities and tranche 2 entities to implement effective AML/CTF measures.
Austrac’s guidance in 2025, will include:
- the scope of the new regulated services;
- core obligations and how they can be practically implemented;
- AML/CTF starter program kits for small businesses in tranche 2 sectors.
The timetable is:
- October 2025: Finalisation of core guidance
- October to November 2025: Targeted consultation on tranche 2 sector-specific guidance in industry working groups
- December 2025: Finalisation of tranche 2 sector-specific guidance
Crypto transactions conditions
AUSTRAC has announced that it has placed operating conditions on crypto ATM operators, including a AUD$5,000 limit on cash deposits and withdrawals, enhanced customer due diligence obligations, mandatory scam warnings, and requirements for more robust transaction monitoring.
Austrac says the conditions are designed to help protect individuals from scams by deterring criminals from directing them to a crypto ATM, as well as to protect businesses from criminal exploitation.
While the $5,000 cash limits only relate to crypto ATM providers, AUSTRAC expects digital currency exchange providers to consider imposing similar limits if they accept cash for crypto transactions.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
