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DCE Compliance with Australian Sanctions: Key Advisories

CryptoDCE Compliance with Australian Sanctions: Key Advisories

The Australian Sanctions Office (ASO) in the Department of Foreign Affairs and Trade advises Digital Currency Exchanges (DCEs) on their obligations under Australian sanctions laws. DCEs must comply with these laws, as well as those of other jurisdictions, such as the US’s Office of Financial Assets Control.

Who must comply: Australian sanctions laws apply to activities conducted in Australia, by Australian citizens and corporations abroad, and on Australian-flagged vessels and aircraft.

DCE obligations: Cryptocurrencies are considered assets under Australian sanctions laws and pose risks due to their anonymity and cross-border transfer capabilities. DCEs must prevent providing cryptocurrency to designated persons or entities and freeze and report any owned or controlled by them.

Compliance measures: DCEs should establish sanctions compliance programs, screen transactions against the Consolidated List, and implement risk mitigation strategies for high-risk jurisdictions and activities, such as ransomware payments.

Reporting and penalties: DCEs must report any suspected sanctions breaches and comply with ASO notices. Breaches of Australian sanctions laws carry significant penalties, including imprisonment.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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