The financial crimes regulator has written to 50 Australian cryptocurrency and other digital currency exchanges with concerns that they are being used to launder the proceeds of crime, including human trafficking and drug dealing.
The Australian Transaction Reports and Analysis Centre said the exchanges that let people buy and sell cryptocurrencies such as bitcoin, and other currencies, have failed to dutifully report suspicious transactions in line with their anti-money laundering and counterterrorism financing requirements.
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clarification —
AUSTRAC clarified after publication that some of the companies it wrote to do not exchange cryptocurrencies.
Amelia McGuire covers technology from the AFR's Sydney newsroom. She was previously the aviation, tourism and gambling reporter for The Sydney Morning Herald and The Age. Connect with Amelia on Twitter. Email Amelia at a.mcguire@afr.com.au
