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Value Currency Exchange And AUSTRAC

HomeValue Currency Exchange And AUSTRAC

Brisbane City’s leading foreign currency exchange “Value Currency Exchange” is a proud member of AUSTRAC (Registration No. 100574424)

According to the company website, AUSTRAC registration is compulsory;

From 3 April 2018 DCE businesses are required to meet AML/CTF obligations, including:

adopting and maintaining an AML/CTF program to identify, mitigate and manage money laundering and terrorism financing risks
identifying and verifying the identities of their customers
reporting to AUSTRAC suspicious matters, and transactions involving physical currency of $10,000 or more
keeping certain records for seven years.

AUSTRAC (Australian Transaction Reports and Analysis Centre) is an Australian Government financial intelligence agency charged with the task of monitoring financial transactions with money laundering, tax evasion and criminal activity firmly in its sights.

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