The new licence requires that AML/CTF rules be applied to businesses trading digital currencies, such as the Bitcoin Exchange, and more specifically, digital currency traders will be required to:
1. Digital currency dealers in Australia must handle AUSTRAC and provide all the details of their business. If a company offering digital currency transactions fails to obtain an AUSTRAC licence, it may result in imprisonment for two years or a fine of AUD105,000, or both.
2. Establish and maintain AML/CTF plans to identify, mitigate and manage the risks they may encounter in money laundering and terrorist financing.
3. Identify and verify customer identity.
4. Report suspicious activities and transactions involving French currency, exceeding AUD10,000 or more (or equivalent) to AUSTRAC.
5. Maintain 7-year special records of transactions, customer identification and AML/CTF projects.
In order to apply for the registration of C AUSTRA C, it is necessary to own an Australian company.
The following requirements are required for the registration of an Australian company:
1. Three names of Australian companies to be registered (in English), two of which are alternatives, ending with PTY LTD or PTY LIMITED;
2. The company's registered address, contact telephone, fax and mailbox in Australia. If the address belongs to the lease, the name of the lessee should be provided to confirm that the Lessee agrees to use the address as the company's registered address.
3. The nature and direction of business of the company in Australia;
4. There must be at least one director of an Australian company, one of whom must be an Australian resident. Personal data should be provided: date of birth, place of birth, current address, contact information including telephone and e-mail. Tiger King Clothing can provide employment services for local directors in Australia.
5. Australian company's shareholders, at least one person, have no nationality restriction, and the directors of shareholders may be the same person. Personal data: date of birth, place of birth, current address, contact information including telephone and e-mail;
6. Personal data of Director, the person in charge of company registration (date of birth, place of birth, current address, contact information including contact telephone and e-mail);
7. Detailed distribution of shares of directors or shareholders of Australian companies. The default number of shares is 100 shares, and the share price is set at A$1 per share.
1. Notarization of directors'non-criminal records;
2. Write the business plan and operation plan of digital currency traders.
3. Preparing and writing application materials;
4. Write anti-money laundering regulations and anti-terrorist organization financing regulations, as well as the daily operation of the regulations;
5. To submit applications for licences to AUSTRAC and ASIC in Australia;