AML Policy

AUSTRAC

AUSTRAC is Australia's financial intelligence agency with regulatory responsibility for anti-money laundering and counter-terrorism financing.

They identify threats and criminal abuse of the financial system, and act to protect Australia's economy.

They also work in partnership with industry and government agencies in Australia and overseas to

  • Help keep Australia safe from financial and other serious crime
  • Build and maintain trust in Australia's financial system as part of the global community.

As with any financial institution, there is a risk of CoinCentric products and services being used to launder money and finance terrorism. Australian law and applicable local laws in the jurisdictions in which we operate, requires us to put training, processes and systems in place to identify, manage and mitigate this risk. We do this to protect the Group's reputation, to comply with relevant laws and to be a good corporate citizen.

Definitions

Money laundering is the process of hiding or disguising the source of illegally obtained (“dirty”) funds to make them appear legitimate (“clean”), e.g. by filtering them through the financial system.

Money laundering reduces the risk of detection and confiscation by authorities. It is just as serious as the criminal activity behind it – and preventing it can help reduce crime.

Terrorism financing differs from money laundering in 3 main ways:

  • Its primary purpose is to disguise the ultimate use of the funds, as opposed to their origin
  • It can involve relatively small sums of money, which can have a huge impact in terms of death, destruction and disruption
  • Although terrorists may finance their activities through crime, legitimate funds can also be misappropriated to finance terrorism.

Various AML measures are in place to articulate our commitment:

We comply with, AML/CTF programs which are designed to identify, mitigate and manage money laundering, terrorist financing and other risks.

We identify and verify a customer’s identity before providing the customer with a designated service and also carry out ongoing due diligence on those customers.

We also register and report to AUSTRAC suspicious matters, certain transactions above a threshold amount and international funds transfer instructions. AUSTRAC provides information to domestic regulatory, national security and law enforcement agencies and certain international counterparties.

We make and retain certain records, and retain certain documents given to us by customers.

CoinCentric wants to see a safe and secure crypto currency eco system in Australia free of money laundering, criminal activity and terrorist financing.

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