AUSTRAC steps up supervision of virtual asset service providers through targeted compliance campaigns designed to strengthen AML/CFT controls as Australia’s expanded crypto reforms take effect

The campaigns focus on over-the-counter crypto providers and local exchanges, with AUSTRAC assessing how effectively firms identify and manage money laundering risks ahead of broader regulatory obligations applying across the sector. Expanded reforms require a wider range of virtual asset businesses to register with AUSTRAC and comply with AML/CFT obligations, reinforcing efforts to close regulatory gaps linked to organised crime and illicit financial flows.