Copy link
Increase text size
Decrease text size
Link copied

Australian financial regulator Austrac explores blockchain potential to automate funds transfer instructions

Mon, 25 Feb 2019, 11:49 am UTC

The Australian Transaction Reports and Analysis Centre (Austrac) is testing blockchain use in automating funds transfer instructions, ZDNet reported.

AUSTRAC is Australia's financial intelligence agency with regulatory responsibility for Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF).

For the project, Austrac has collaborated with Swinburne University of Technology. Together, they are developing a prototype to test the feasibility of using blockchain technology and smart contracts to help reporting entities such as banks, remitters, and casinos, automate the reporting international fund transfer instructions (IFTIs) to Austrac.

The proof-of-concept reportedly began in December 2018 and is expected to run for a year, a spokesperson told the news outlet, adding that blockchain is one of the technologies that are being explored for IFTI reporting automation.

Last month, Swinburne, in collaboration with Capgemini, launched a global Blockchain Centre of Excellence. They will work closely to develop and implement blockchain solutions from proof of concept through to production.

In April 2018, Austrac implemented new laws for digital currency exchange (DCE) providers operating in the country. Under the new laws, DCE providers are required to adopt and maintain and AML/CTF program to identify, mitigate and manage money laundering and terrorism financing risks.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $9,137.04 (+2.63%)
  • Ethereum (ETH) $176.01 (+3.00%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $349.74 (-7.25%)
  • Bitcoin SV (BSV) $258.95 (-6.52%)
  • Bitcoin (BTC) $9,137.04 (+2.63%)
Jan 17, 2020 (Friday)
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Crypto dealer SFOX announces new service for investors and wealth managers
Binance in talks with TaoTao and Z Corporation for strategic partnerships in Japan
Crypto Technicals: NEO/USD set to scale new highs, 200-DMA breakout confirms bullish trend
Crypto exchange Gemini launches own insurance company "Nakamoto"
eToro, Radar and OKCoin join Coinbase-led Crypto Rating Council
Huobi joins Blockchain Turkey Platform (BCTR)
U.S. authorities urged to investigate crypto use in funding domestic terrorism and extremism
Calibra, Anchorage, Bison Trails executives elected to Libra’s new technical steering committee
Crypto Technicals: LTC/USD bounces off 5-DMA support, eyes next major hurdle at 200-DMA (65.43)
U.S. lawmakers seek tax exemption for crypto transactions under $200
Former CFTC Chair launches Digital Dollar Project in partnership with Accenture
Crypto Technicals: ETH/USD resumes upside after brief pause, eyes 23.6% Fib at 174.83
Uzbekistan to launch national mining pool and licensed cryptocurrency exchange
Crypto Technicals: BTC/USD extends sideways below 200-DMA, bias bullish
Garanti BBVA conducts real-time blockchain transfers using Takasbank's BiGA Platform
Jan 16, 2020 (Thursday)
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Litecoin Foundation, BlockFi partner to bring more liquidity to users
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.