Austrac Digital Currency Exchange

• Tetra Consultants will help you apply for the Director Identification Numbers on behalf of your foreign directors, if applicable. We will review and prepare all necessary documents for lodgment complying with all regulations. This process generally takes approximately two months, and the DIN is necessary to register company in Australia. 

• Once Tetra Consultants has received all of the DINs, we will register your company in Australia as soon as possible, which the incorporation process typically takes approximately one week to complete.  Tetra Consultants will take care to ensure that all necessary legal documents are filed and will conduct all necessary compliance checks prior to incorporation. 

• Upon incorporation, our team prepares all the necessary documentation for the AUSTRAC application for a digital currency exchange license, including compliance programs, business plans, and applicable policies, to meet AUSTRAC requirements. 

• We then submit your application for the license to AUSTRAC and liaise with the regulatory authority throughout the assessment process, which could take up to 90 days. We also prepare your team if AUSTRAC requires a video interview or if any further information is requested. 

• Once the structures have been approved, we can assist you with corporate bank account opening with a recognized Australian bank such as Commonwealth Bank, Macquarie Bank, ANZ and many more which usually is completed in around 4 weeks, and we will liaise for you on the documentation and online KYC process to limit your involvement.  

• As Tetra Consultants guide you through the registration process, we will continue to provide the ongoing compliance support you need. Thus, we will assist you to ensure your business is compliant with regulatory obligations and support any updates or changes necessary in order to stay sustainable in Australia. 

Renewal of AUSTRAC digital currency exchange (DCE) provider registration

• Renewal with AUSTRAC as a Digital Currency Exchange (DCE) provider is a regulatory requirement that occurs every three years that confirms obligations for compliance and eligibility to operate. Tetra Consultants can support clients by managing when registrations expire and sending reminders to complete the renewal application starting 90 days in advance of the expiration date, which allows clients to be prepared for AUSTRAC DCE registration renewal. 

• Tetra Consultants provides guidance to clients on the proper completion of restructuring requests and declaration forms to avoid processing delays. It is essential that the renewal is lodged before the expiry date. Otherwise, the registration automatically lapses, and the registrant is prohibited from continuing to provide digital currency exchange services legally. When the application is lodged, clients receive a reference number.  

• Accordingly, Tetra Consultants will handle follow-up communications with AUSTRAC to confirm renewal. The renewal will help a registrant remain compliant with AUSTRAC’s regulations, thus maintaining trust with AUSTRAC and consumers while avoiding penalties or interruptions to services. 

Documents required for AUSTRAC digital currency exchange (DCE) provider registration

• Application form (AUSTRAC Business Profile Form) completed and submitted.  

• Valid identification for all directors, key persons, and ultimate beneficial owners (UBOs).  

• Police certificates or non-criminal records for all directors, key staff, compliance officer, and UBOs (issued within the past 6 months).  

• Appointment documents for a local Australian director.  

• Appointment of documents for the compliance officer (with evidence of AML experience or training).  

• Comprehensive AML/CTF program, including KYC procedures, risk assessments, and transaction monitoring.  

• Detailed business plan outlining intended services, organizational strategy, target market, and employee count.  

• Organization chart listing all key personnel with roles and responsibilities.  

• Office lease agreement or virtual office contract with Australian address (hot desk capacity, if applicable).  

• Contracts/agreements with third-party service providers (KYC, transaction monitoring, compliance consultants, etc.).  

• Bank account agreement (local or international financial institution).  

• Proof of registration or licenses from any foreign jurisdiction if the business operates overseas.  

• ML/TF risk assessment document completed before applying. 

Requirements for AUSTRAC digital currency exchange (DCE) provider registration

• Must provide a valid Director Identification Number (DIN) for all directors including foreign ones. 

• Appoint at least one local director residing in Australia to meet regulatory expectations. To comply with this requirement, we provide nominee director and shareholder services to our clients. 

• Submit a valid Australian registered office address as official company location. 

• Prepare and maintain a robust Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) program tailored to digital currency exchange operations. 

• Demonstrate the ability to comply with Customer Due Diligence (CDD), Enhanced Due Diligence (EDD), and ongoing transaction monitoring obligations. 

• Ensure accurate and timely reporting of threshold transactions and suspicious matters to AUSTRAC as per the AML/CTF Act. 

• Maintain proper record-keeping systems for all transaction data and reports in compliance with statutory timelines. 

• Provide clear and detailed business plans showing operational strategies and risk management approaches. 

• Register with AUSTRAC before commencing digital currency exchange services; unregistered operation is a criminal offense. 

• Submit all necessary documents including proof of identity for beneficial owners and directors, compliance policies, and operational manuals. 

• Regularly update AUSTRAC on any material changes to corporate structure or activities affecting risk profiles. 

• Comply with annual or periodic audits and inspections to ensure ongoing adherence to regulatory standards. 

Common challenges while proceeding for AUSTRAC digital currency exchange (DCE) provider registration

Regulatory risks and compliance obligations 

• If a business poses a risk of money laundering or the terrorist financing, AUSTRAC may refuse, suspend or cancel registration under the AUSTRAC digital currency exchange register. In any case, effectively managing these regulatory risks will require businesses to have thorough AML/CTF programs and implement other compliance obligations. This is where Tetra Consultants can assist in ensuring that you have robust compliance frameworks that meet AUSTRAC’s expectations. 

Complex documentation requirement 

• The registration process is extensive and requires an array of documentation, including detailed business plans, AML/CTF Policies, ongoing Reporting systems, etc. Incorrect or missing documents will delay registration approval. Tetra Consultants can help streamline document preparations, ensuring accuracy and completeness without delaying submissions. 

Challenges of director and personnel vetting 

• AUSTRAC mandates comprehensive vetting of directors and key personnel, which can complicate the approval process if there is a negative history. Tetra Consultants provides nominee director and shareholder services and can assist you in performing the appropriate due diligence to support your Australian Business’s AUSTRAC obligations. 

Stringent local physical presence requirements 

• AUSTRAC may require offices, or Australian based directors to be actively engaged to meet compliance, which can be difficult when you are an international applicant. Tetra Consultants can assist you in accommodating local directors and offices to help you meet the AUSTRAC requirements without complications. 

Long assessment periods and follow-ups 

• Applications can take up to 90 days to assess interviews and requests for additional information throughout the process. Tetra Consultants takes care of all communication with AUSTRAC, prepares clients for interviews, and ensures follow-ups are completed to keep the process moving forward.  

Banking and financial institution barriers 

• Opening a corporate bank account can be made more difficult because banks tend to have cautious banking policies towards crypto businesses. Tetra Consultants uses its extensive network within the industry to assist and help clients open banking relationships in a timely manner and through the cumbersome KYC process.  

Prevention of active status 

• Inadequate activity can result in AUSTRAC penalties for inactive or dormant registration. Tetra Consultants monitors your compliance continuously through the AUSTRAC digital currency exchange register to ensure you meet the activity requirements to not have your registration cancelled, which also ensures your activity remains regulatory for compliant business activity. 

Looking for AUSTRAC digital currency exchange (DCE) provider registration

• When you partner with Tetra Consultants, your registration as an AUSTRAC digital currency exchange (DCE) provider will be a seamless and smooth experience through an overly complicated regulatory environment. Our team has extensive experience going through every phase, going from regulatory compliance consulting to offshore company registration, and application submission as a complete, tailored solution to fit all AUSTRAC’s rigorous policies and procedures.  

• We also assist in tackling obstacles such as excessive documentation, appointed local directors, and banking relationships. We even offer international trademark registration, so that you will be fully compliant. Our hands-on approach allows you to communicate with regulators in a timely manner and go through the steps of preparing for interviews or follow-ups.  

• Tetra Consultants provides you with confidence in your AUSTRAC registration and the continual legal operation of your business in Australia’s growing digital currency environment to ensure a strategic positioning of sustainable growth while maintaining full regulatory compliance. 

• Contact us to know more about AUSTRAC digital currency exchange (DCE) provider registration and we will get back in 24 hours. 

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