Who is AUSTRAC?
AUSTRAC (Australian Transaction Reports and Analysis Centre) is an Australian Government Financial Intelligence Agency that was set up to monitor financial transactions.
It specifically looks to identify, prevent and respond to criminal abuse of the financial system to protect the Australian community from serious and organised crime such as money laundering, tax evasion, welfare fraud and terrorism.
Is CoinSpot registered with AUSTRAC?
CoinSpot has been registered as a Digital Currency Exchange (DCE) with AUSTRAC since 8 May 2018.
Under Australian law, all businesses providing digital currency exchange services are regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC). DCE business are required to meet a number of anti-money laundering and counter-terrorism financing (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 suspicious matters to AUSTRAC; and
- Keeping certain records for seven years.
CoinSpot is committed to complying with its obligations under AML/CTF law and protecting the Australian community from the impacts of financial crime.