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Australian Regulatory Agency Lists Cryptocurrency as Top Threat in Financial Crime Crackdown
Summary: According to Decrypt, the Australian financial intelligence agency, AUSTRAC, announced on Wednesday that cryptocurrency has been identified as the primary threat in their efforts to combat financial crime. This marks the largest anti-money laundering law reform in a generation in Australia. CEO Brendan Thomas stated that enforcement will prioritize areas with the highest risks, particularly ...
According to Decrypt, the Australian financial intelligence agency, AUSTRAC, announced on Wednesday that cryptocurrency has been identified as the primary threat in their efforts to combat financial crime. This marks the largest anti-money laundering law reform in a generation in Australia. CEO Brendan Thomas stated that enforcement will prioritize areas with the highest risks, particularly focusing on cryptocurrency exchanges and virtual asset service providers due to their ability to facilitate instant global transfers. With the expanded regulatory scope, approximately 80,000 new businesses will fall under the 'phase two' industry regulation, including real estate agents, lawyers, conveyancers, accountants, trust and company service providers, as well as precious metal and gem dealers. Existing reporting entities will face new regulatory requirements starting from March 31, 2026, while phase two businesses must achieve compliance by July 1, 2026.
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Link: Australian Regulatory Agency Lists Cryptocurrency as Top Threat in Financial Crime Crackdown [Copy]
