Australia's financial intelligence unit AUSTRAC has launched two targeted supervisory campaigns into the country's virtual assets sector as landmark anti-money laundering reforms take effect.
We’re conducting 2 supervisory campaigns aimed at Australia’s virtual assets sector.
We’re engaging with dozens of crypto businesses and exchanges to focus on how they’re managing their AML/CTF risks & prepare them for upcoming reforms.
AUSTRAC is conducting two distinct supervisory campaigns targeting crypto businesses across Australia. The agency is engaging with 36 over-the-counter crypto-to-cash operators in what it calls the "ramps and rails" campaign, focusing on businesses that facilitate the conversion between cryptocurrencies and traditional cash.
The second campaign targets 27 local crypto exchanges, with emphasis on assessing their readiness for the regulatory reforms and reviewing their governance arrangements. These supervisory efforts are designed to evaluate how well businesses are managing money laundering risks under the expanded regulatory framework.
"We will continue to provide advice and guidance to assist businesses on how to comply so they are well equipped to manage their AML/CTF obligations ," Thomas said.
The regulatory overhaul extends beyond traditional exchanges. Australia has adopted the internationally recognized term "virtual asset service provider" (VASP), replacing the narrower definition of "digital currency exchange." The expanded framework now applies anti-money laundering obligations to custody, brokerage, and other virtual asset services beyond traditional cash-to-crypto exchange models.
"This is more than a name change," Thomas said, adding that it “reflects how this sector has evolved and ensures our regulatory framework remains relevant."
AUSTRAC, Australia's financial intelligence unit responsible for anti-money laundering and counter-terrorism financing regulation, replaced the country's narrower "digital currency exchanges" definition to align with global standards. Additional Travel Rule requirements for virtual asset transfers will become mandatory on July 1.
