Australia Digital Currency Exchange(DCE) AUSTRAC License
You will need to register if your business exchanges digital currency with money, or money with digital currency. Digital currency is a digital representation of value which functions as a medium of exchange and is not issued under the authority of any government body.
Digital currency provider are regulated by AUSTRAC. There are compliance obligations such as suspicious matter reporting, threshold transaction reporting, adopting an AML / CTF program that reflects your business risks, operations and record keeping.
It is an offence to provide digital currency exchange services while unregistered.
You must develop, adopt and maintain an anti-money laundering and counter-terrorism financing (AML / CTF) plan that reflects your business. Manage money laundering and terrorist financing (ML / TF) risks.
Complete an ML / TF risk assessment of your business
Design and adopt AML / CTF risk awareness training program
Design and adopt employee due diligence procedures
Formally adopt AML / CTF plan and accept continuous supervision by senior president / board
Appoint an AML / CTF Compliance Officer
Make AML / CTF plans subject to regular independent review
Describe procedures for responding to AUSTRAC feedback
Describe your reporting process
Develop procedures to keep your AUSTRAC registration and registration details up to date
Set up procedures for conducting customer sintering due diligence, including transaction monitoring and enhanced customer due diligence procedures
List procedures for collecting and verifying Know Your Customer (KYC) information
At least one director who must ordinarily reside in Australia
At least one shareholder
A notarized copy of passport
A notarized copy of utility bills/ proof of address within three months
Clean criminal records check
Shareholding company certificate, company registration and constitution
Shareholding company ultimate beneficial owner and director notarized copy of passport, utility bills/ proof of address within three months
Financial statement of foreign registered company
Local company setup
Select the necessary local directors, compliance officers, etc.
Assist with Application materials preparation
Assist in preparing company structure plans, declarations, safety review reports, etc.
Local office location available
AML process establishment, anti-money laundering anti-terrorism compliance
Monthly assistance after successful application
The UCG Advantage
End to end comprehensive service
Speedy and efficient service
Expert advice on structuring options
Dedicated ongoing compliance support
Extensive network pool of service providers
Duration to Set Up
Set-up: around 2 months
Acquisition: 1 week