Home › Forums › Anti-Money Laundering and Counter-Terrorism Financing › I want to accept digital currency like Bitcoin in my new business. Do I need an AML/CTF program? › Reply To: I want to accept digital currency like Bitcoin in my new business. Do I need an AML/CTF program?
Thanks for your question.
Before you can assess software solutions you need to determine whether your business is offering a designated service under the AML/CTF laws. These are outlined in section 6 of the AML/CTF Act. Further guidance can be found on the AUSTRAC website.
We are not familiar with the Oracle product, however it is worth noting that while IT platforms can facilitate customer due-diligence and compliance with AML/CTF requirements, technology can only provide some of the solution in meeting your AML/CTF obligations, (if any). It is never the complete answer. We recommend you visit the AUSTRAC website to get a clearer picture.
Please feel free to contact our Financial Services Team if you require further information or more detailed advice.
Author: Andrew Ham
Co-contributor: Greta Walters