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Australia Digital Currency Exchange(DCE) AUSTRAC License

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.

Compliance program:

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
  • Keep records
  • List procedures for collecting and verifying Know Your Customer (KYC) information

  • Legal Requirements

  • At least one director who must ordinarily reside in Australia
  • At least one shareholder
  • Compliance program
  • Business plan

  • Documentation Requirement

  • 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

  • UCG Services

  • 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