KYC 360 reported on 11th March that AUSTRAC, the national AML agency, had suspended the licences of 2 cryptocurrency exchanges after a police investigation found the businesses were being exploited for drug trafficking.  This was under new legislation introduced in April 2018 that brought digital currency exchanges under its controls to ensure cryptocurrencies were monitored the same way as cash exchanges and transfers.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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