Australia’s financial intelligence unit AUSTRAC has launched two targeted supervisory campaigns into the country’s virtual assets sector as landmark anti-money laundering reforms take effect.

“AUSTRAC is checking how well crypto businesses in Australia are managing money-laundering risks, ahead of major new laws coming into force,” said the regulator’s Chief Executive Officer Brendan Thomas in a statement.

AUSTRAC is conducting two distinct supervisory campaigns targeting crypto businesses across Australia. The agency is engaging with 36 over-the-counter crypto-to-cash operators in what it calls the “ramps and rails” campaign, focusing on businesses that facilitate the conversion between cryptocurrencies and traditional…