AUSTRAC targets 36 cash-conversion operators and 27 exchanges to assess compliance with expanded anti-money laundering regulations.
Australia’s financial intelligence agency AUSTRAC has initiated two supervisory campaigns examining 63 crypto businesses as new anti-money laundering reforms take effect. The probes focus on risk management practices among over-the-counter cash-conversion operators and local exchanges.
The reforms broaden regulatory oversight to include custody, brokerage, and other virtual asset service providers previously outside traditional AML frameworks. AUSTRAC’s CEO stated the campaigns aim to prepare businesses for upcoming compliance requirements.
The agency is engaging with 36 operators in its “ramps and rails” campaign, which scrutinizes cash-to-crypto conversion processes. A separate review targets 27 exchanges to evaluate their AML and counter-terrorism financing controls.