Australia has proposed stricter Anti-Money Laundering and Combating the Financing of Terrorism (AML/CTF) rules to tighten oversight of the cryptocurrency industry and combat financial crime.

The rules proposed by AUSTRAC follow changes to the AML/CTF Act that were passed by parliament in November. The new framework aims to close regulatory gaps, increase oversight of high-risk sectors and tighten customer due diligence measures.

The draft rules are open for public consultation until February 14, 2025. Stakeholders in the crypto and financial services sector are invited to provide feedback on how the final framework will be shaped. Share your views in the comments.