AML/CTF Policy

AML/CTF Policy

General

In anticipation of falling under the AML/CTF Act regulation, Ausfinex follows what is required of a reporting entity today. Money laundering and terrorist financing have been identified as one of the major threats to Ausfinex, crypto community and as well as to the international financial services community. Money laundering is the process of transforming the proceeds of crime and corruption into legitimate assets. Anti-money laundering (AML) refers to a set of procedures, laws or regulations designed to stop the practice of generating income through illegal actions. Terrorism financing refers to activities that provide financing or financial support to individual terrorists or terrorist groups. Combating the financing of terrorism (CFT) refers to a set of procedures, laws or regulations designed towards thwarting the financing of terrorism.

Ausfinex is bound by Australian law to ensure the service we provide does not facilitate money laundering or terrorism financing. Our decision to enforce this policy reflects our desire to prevent money laundering and terrorist financing. We follow AUSTRAC guidelines to comply with AML and CTF. As part of complying with AUSTRAC’s reporting guidelines, we will report any event suspected to be involved with Money Laundering, Terrorism, Crime and Fraud.

Our AML/KYC Policy

Ausfinex recognises that money laundering can have a significant reputational risk on the organisation and its operations and therefore, takes a strict view on non-compliance with AML and CFT regulations. Ausfinex has an AML/CFT policy, designed to ensure that Ausfinex and its customers comply with the legal and regulatory requirements applicable in Australia as well as with obligations applicable in other jurisdictions where Ausfinex has business interests. 

Ausfinex requires its Compliance Department to file Suspicious Transaction Reports (STR) and Suspicious Activity Reports (SAR) to AUSTRAC on a regular basis. Ausfinex Management Committee would decide on the course of action that may include seeking more information as well as withholding release of funds and or freezing of the customer’s account if it deems fit unless the customer proves or identifies the source of funds with supporting documents. 

Ausfinex takes pride in its established measures of self-regulation and also its compliance with relevant Government Regulations, in the wake of the constantly evolving regulatory landscape of cryptocurrencies. We ensure our KYC/AML compliance procedures are aligned with the requirements of AUSTRAC. A designated AML Compliance officer is entrusted with independence and authority to monitor all processes/methods to ensure compliance and directly reports to the Management Committee. Periodic training programs are planned for all employees on KYC/AML/CFT procedures. A risk based method of screening and approach of monitoring is adopted in our operations.

Technology based screening

Ausfinex uses a modern biometric verification system such as facial recognition to verify our customer’s identity. We collect customer’s personal information but not limited to full name, date of birth and residential address. All the customers on Ausfinex are screened against known offenders databases across the globe regularly. Only KYC/AML cleared prospects can be accepted as Ausfinex’s customer. 

Depending upon the verification level passed by the customer, daily deposit and withdrawal limits are progressively increased with each of the completed verification stages.

We have various Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF) and Fraud Prevention measures in place which are designed to help us monitor, detect and prevent these attempts.

Adherence to Sanctions and other regulations

Ausfinex does not deal with anyone who;

  • is listed by various Government bodies, as designated individuals or entities by such other law, regulation or rule as may be prescribed by AUSTRAC  
  • is currently the subject of any Sanction but not limited to:
    • Australian Department of Foreign Affairs and Trade,
    • Australia Crimestoppers,
    • Politically Exposed Persons,
    • European Union financial sanctions list,
    • Her Majesty’s (HM) Treasury List,
    • OFAC Foreign Sanctions Evaders (FSE) list,
    • UN Consolidated Sanctions; 
  • is located, organised or resides in a country or territory that is the subject of such Sanctions (including, without limitation, the Democratic People’s Republic of Korea, the Democratic Republic of Congo, Eritrea, Iran, Libya, Somalia, South Sudan, Sudan and Yemen); or 
  • has engaged in and is not now engaged in any dealings or transactions with any government, person, entity or project targeted by, or located in any country or territory, that at the time of the dealing or transaction is or was the subject of any Sanctions.

To assist our efforts to prevent fraudulent activity, we may ask for additional proof of identity after the user has verified through our ID verification process.