Australia’s Bitcoin Exchanges to Get New AML Rules

[orangetax]

Starting from today, 3rd April 2018, the Australian financial intelligence agency, Austrac, will be implementing new obligations to counter terrorism financing and money laundering(AML/CTF). Read on to know the obligations.

Read the full article here : http://coinfrenzy.io/australia-new-aml-rules/
For more interesting and trending articles on blockchain and crypto world : http://coinfrenzy.io/

[rahul10948]

It's a very good thing for Australian people and it will make exchange trusted as they are approved by the austric...I also heard about the the exchange nauticus which already got the license from austric for there operation....I think it will be next binance or may be greater than that...poeple will put more Fiat to there exchange as they will not fear for being the exchange for scam

[bitfocus]

adopting AML is a very good step for Bitcoin exchanges.

[khelan]

I think after kyc and AML rules the market will rise as most of the people will come to invest such as stock market. hope it will rise as i think.

[Xester]

Starting from today, 3rd April 2018, the Australian financial intelligence agency, Austrac, will be implementing new obligations to counter terrorism financing and money laundering(AML/CTF). Read on to know the obligations.

Read the full article here : http://coinfrenzy.io/australia-new-aml-rules/
For more interesting and trending articles on blockchain and crypto world : http://coinfrenzy.io/

This is a good news to bitcoin. With those regulations bitcoin can be now clear from the allegations that it is a money of the criminals. Also having a regulation makes bitcoin acceptable in such country and that is why it must play by the rules of that area. This is a great news since this means that bitcoin has already grounded itself in Australia.

[franky1]

funny part is
when a user sells crypto to get AUS$10k/US$7k and withdraw's it to a bank account..
the users own bank see's that the account holder has received 'suspicious amount'...

so the authorities will get the exact same report about the person even if the exchanges were not involved. purely because the bank account of the user will do the reporting.

banks already have the ID of account holders. so if exchange does a withdrawal of AUS$10k to Joe blogs with a comment 'sell of cryptocurrency'
what the bank would report is the exact same info about joe blogs as what the exchange would report.. 

[Kprawn]

People should not fear AML regulations. Yes, it is forced down on us, but it is there for a reason. We want the system or

governments to protect their citizens from terrorism and scams, but we do not want them to enforce regulations to do that.

We cannot have our bread buttered on both sides. When another 911 happens, people will be angry at governments and

law enforcement, if Bitcoin was used to fund these attacks. Let's just hope that they will not over regulate it. 

[squatz1]

I would hope these AML / KYC rules aren't just targetted in a way to mess with Crypto, they should be going after terrorism in anyway that they can but you can't say you're going after terrorism because bitcoin is helping it -- these terrorists would MUCH RATHER deal with cash then deal with an internet currency that is going to be nusiance.

[Procopiogamscrypto]

Starting from today, 3rd April 2018, the Australian financial intelligence agency, Austrac, will be implementing new obligations to counter terrorism financing and money laundering(AML/CTF). Read on to know the obligations.

Read the full article here : http://coinfrenzy.io/australia-new-aml-rules/
For more interesting and trending articles on blockchain and crypto world : http://coinfrenzy.io/

Any regulation imposed by the government to protect the interest of the people should be given a full support, besides it is not against crypto but to ensure that money coming from anonymous people will be used in a good purpose.

[walemil]

I appreciate the effort made by the Australian government so far in Anti Money Laundry and Combating Terrorism Financing. Extending this to exchanges will be very helpful and with time, we hope to see scam reduced drastically. I'm sure so many countries will follow this direction.

[kastara]

If in my opinion if the policy was made for control to know the flow of funds in use whether the funds in use it for a financing a criminal activity or not very good. Because basically we all strongly do not support a criminal activity whether it is money laundering or financing of terrorist activities, it is very damaging if this activity is not controlled or supervised, so as long as the activity is for the good I think it will get support, so this will probably making cryptocurrency known because it does not support any activity against the law.

[Sandus_Cryptolover]

This is a great step towards sustainability and to fight crime in order to safeguard the interest of her citizens. Australian have really done agreat job here.

Starting from today, 3rd April 2018, the Australian financial intelligence agency, Austrac, will be implementing new obligations to counter terrorism financing and money laundering(AML/CTF). Read on to know the obligations.

Read the full article here : http://coinfrenzy.io/australia-new-aml-rules/
For more interesting and trending articles on blockchain and crypto world : http://coinfrenzy.io/

[masudginanjar]

virtually all good and strong financial Exchange will definitely use AML / KYC because it really protects its users to trade.

if it had something to do with the terrorist it could be tracked again with the AML and that problem I will support forever, because I am his person is peace love.