Australia

Key Requirements

• Enroll as Reporting Entity with AUSTRAC for AML/CTF compliance and reporting obligations.
• Implement comprehensive AML/CTF program including customer identification, verification, and ongoing customer due diligence.
• Develop transaction monitoring systems detecting suspicious activity with protocols for Suspicious Matter Reports (SMRs).
• File Suspicious Matter Reports with AUSTRAC within 10 business days of detecting suspicious activity.
• Establish compliance officer responsible for AML/CTF program implementation and staff training.
• Maintain customer records and transaction documentation for minimum 7 years as reporting entity.
• Conduct annual AML/CTF compliance audits with independent auditor assessing program effectiveness.

Application Process

1. 1.Complete AUSTRAC online reporting entity enrollment form for digital currency exchange provider.
2. 2.Prepare comprehensive AML/CTF program documentation detailing customer identification and verification procedures.
3. 3.Document transaction monitoring system specifications and suspicious activity detection protocols.
4. 4.Establish compliance officer role and provide CV demonstrating AML/CTF compliance expertise.
5. 5.Submit AUSTRAC enrollment application with all supporting compliance documentation.
6. 6.Receive AUSTRAC reporting entity registration confirmation and Customer Identification Number (CIN).
7. 7.Commence digital currency exchange operations under AUSTRAC compliance oversight.

Ongoing Obligations

• File Suspicious Matter Reports with AUSTRAC within 10 business days of detecting suspicious activity.
• Maintain customer identification records and ongoing due diligence documentation for all customers.
• Conduct transaction monitoring with documented review of suspicious patterns and activity reporting.
• Maintain detailed transaction records for minimum 7 years with customer information and transaction details.
• File annual AML/CTF compliance audit reports prepared by AUSTRAC-approved auditors.
• Implement staff training on AML/CTF procedures with documented completion and annual refresher training.
• Report material incidents affecting customer funds or AML/CTF procedures to AUSTRAC within specified timeframe.

Key Requirements

• Maintain minimum financial requirements per ASIC Corporations Act 2001 sections 912A(g) (AUD 50,000-5,000,000 depending on authorization).
• Establish Australian Financial Services Licensee (AFSL) with authorizations covering crypto financial products offered.
• Designate Responsible Manager with Australian Financial Services Representative License (AFSL/ASIC authorization).
• Develop Financial Services Guide (FSG) disclosing services, financial product information, and conflicts of interest.
• Implement anti-money laundering procedures compliant with AUSTRAC requirements and ongoing customer due diligence.
• Establish complaints handling procedures with external dispute resolution scheme membership (ASIC approved EDR provider).
• Maintain professional indemnity insurance covering financial services with minimum AUD 5,000,000 coverage.

Application Process

1. 1.Prepare detailed business plan describing crypto financial services and target market segment.
2. 2.Document minimum capital adequacy per financial service types (AUD 50,000-5,000,000) with audited financial statements.
3. 3.Identify Responsible Manager with AFSL authorization and Australian Financial Services Representative License.
4. 4.Prepare Financial Services Guide with crypto product descriptions, fees, and conflict disclosures.
5. 5.Develop compliance procedures addressing AML/CTF, customer due diligence, and complaint handling.
6. 6.Prepare ASIC application Form FS 91 with supporting governance and compliance documentation.
7. 7.Submit AFSL application to ASIC with business plan, financial documentation, and compliance procedures.
8. 8.Engage with ASIC during assessment period (6-12 months) addressing information requests and clarifications.
9. 9.Receive AFSL approval and commence crypto financial services provision.

Ongoing Obligations

• Maintain minimum financial requirement per ASIC authorization with annual audited financial statements.
• Submit annual compliance certifications to ASIC confirming AFSL conditions and financial service obligations.
• Maintain Financial Services Guide (FSG) with annual updates reflecting service changes, fee updates, and disclosures.
• Maintain AML/CTF compliance with customer identification and transaction monitoring per AUSTRAC requirements.
• Respond to customer complaints within 30 calendar days with documented resolution and EDR referral documentation.
• File annual EDR complaint summary report and maintain EDR scheme membership continuously.
• Maintain professional indemnity insurance at minimum AUD 5,000,000 with annual renewal certificates to ASIC.