Anti-Money Laundering and Counter-Terrorism Financing

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?

#4726 Reply

Andrew Ham
Member

Hi Divya,

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

 

  • Free answers to common Financial Services Regulation (FSR), Consumer Credit and AML/CTF issues.

    Click here to join our LinkedIn group for responsible managers and compliance professionals.
    joinUsOnLinkedIn
  • Training

    Regulatory Compliance Training for Directors, Responsible Managers and Compliance Staff

    View Courses

  • Legal Advice

    Review your AFSL or ACL disclosure documents, conduct a licensee audit and more…

    Get Legal Advice

  • Compliance support

    The HN Hub – an online platform built to support Responsible Managers and Compliance Staff

    More