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Are you enrolled to AUSTRAC in accordance to Anti-Money Laundering and Counter-Terrorism Financing Act of 2006?

by sepbot 13y ago

zhoutong 13y ago
AUSTRAC has explicitly mentioned that Bitcoin and other crypto currencies are currently out of scope of AML/CTF. Bitbillpay doesn't accept fiat currencies. It's not a money transmitter. You can't use the service to get cash.
- lox 13y ago
  Interesting, I've been looking for a reference for the first point you made, would you happen to have one?
  - lox 13y ago
    To answer my own question: http://www.reddit.com/r/Bitcoin/comments/1kpthd/aus_austracs_response_to_a_bitcoin_enquiry/ http://www.reddit.com/r/Bitcoin/comments/1kpthd/aus_austracs... http://matholroyd.com/post/34232285907/the-irony-of-australian-e-currency-laws http://matholroyd.com/post/34232285907/the-irony-of-australi...
  - zhoutong 13y ago
    "Digital currencies potentially allow individuals and entities to conduct quick and complex international funds transfers outside the regulatory requirements of the traditional financial system. Digital currencies that are not backed, either directly or indirectly, by precious metal or bullion are not regulated by the AML/CTF Act."[0] It's quite surprising that the law is written that way, but CoinJar is pretty proactive to positively shape the Bitcoin economy and establish legitimacy before regulation comes in. At CoinJar we have already merged the AML/CTF 100-point check into our ID verification for fraud prevention. Currently cash deposits are not regulated but bank branches have the right to require depositors to show ID. [0] http://www.austrac.gov.au/files/typ_rprt12_full.pdf http://www.austrac.gov.au/files/typ_rprt12_full.pdf
- jimmcslim 13y ago
  It would probably argued that under the Corporations Act 2001 as administered by ASIC you are probably offering a financial service here, and are therefore required to hold an Australian Financial Services License. Good luck!
  - zhoutong 13y ago
    IANAL but applying your implied criteria it seems that every online store should hold AFSL because they take money from consumers. A "financial product" has been clearly defined in CA.

Are you enrolled to AUSTRAC in accordance to Anti-Money Laundering and Counter-Terrorism Financing Act of 2006?

by sepbot 13y ago

Are you enrolled to AUSTRAC in accordance to Anti-Money Laundering and Counter-Terrorism Financing Act of 2006?

AUSTRAC has explicitly mentioned that Bitcoin and other crypto currencies are currently out of scope of AML/CTF. Bitbillpay doesn't accept fiat currencies. It's not a money transmitter. You can't use the service to get cash.

lox 13y ago
Interesting, I've been looking for a reference for the first point you made, would you happen to have one?
- lox 13y ago
  To answer my own question: http://www.reddit.com/r/Bitcoin/comments/1kpthd/aus_austracs_response_to_a_bitcoin_enquiry/ http://www.reddit.com/r/Bitcoin/comments/1kpthd/aus_austracs... http://matholroyd.com/post/34232285907/the-irony-of-australian-e-currency-laws http://matholroyd.com/post/34232285907/the-irony-of-australi...
- zhoutong 13y ago
  "Digital currencies potentially allow individuals and entities to conduct quick and complex international funds transfers outside the regulatory requirements of the traditional financial system. Digital currencies that are not backed, either directly or indirectly, by precious metal or bullion are not regulated by the AML/CTF Act."[0] It's quite surprising that the law is written that way, but CoinJar is pretty proactive to positively shape the Bitcoin economy and establish legitimacy before regulation comes in. At CoinJar we have already merged the AML/CTF 100-point check into our ID verification for fraud prevention. Currently cash deposits are not regulated but bank branches have the right to require depositors to show ID. [0] http://www.austrac.gov.au/files/typ_rprt12_full.pdf http://www.austrac.gov.au/files/typ_rprt12_full.pdf
jimmcslim 13y ago
It would probably argued that under the Corporations Act 2001 as administered by ASIC you are probably offering a financial service here, and are therefore required to hold an Australian Financial Services License. Good luck!
- zhoutong 13y ago
  IANAL but applying your implied criteria it seems that every online store should hold AFSL because they take money from consumers. A "financial product" has been clearly defined in CA.