Australian Transaction Reports and Analysis Centre launches two supervisory campaigns covering 36 over-the-counter crypto firms and 27 local exchanges

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has launched two targeted supervisory campaigns in Australia’s virtual assets sector to assess how well crypto businesses manage money laundering risks as new anti-money laundering and counter-terrorism financing reforms broaden how the sector is regulated. The campaigns target virtual asset service providers, a term that will replace the narrower digital currency exchange label, and focus on firms offering over-the-counter crypto-to-cash services and local exchanges operating in Australia. One campaign covers 36 crypto businesses involved in over-the-counter "ramps and rails" activity and examines their business models, channels, service scale and AML/CTF risk management. The second covers 27 local crypto exchanges and focuses on reform readiness and governance improvements. Under the reforms, obligations will extend to a wider range of crypto activities, including custody, brokerage and other virtual asset services beyond traditional cash-to-crypto exchange models, and AUSTRAC said it will continue to provide guidance to help firms comply.