FinTech Australia supports implementation of new AML/CTF framework

Australia’s growing FinTech sector is reliant on an efficient and quick implementation of the new Anti-Money Laundering and Counter-Terrorism financing Act, Rules and Regulations (“AML/CTF Regime”) which should make provisions for new technologies such as digital currencies, digital currency exchanges and digital wallets.

FinTech Australia in its submission to the Attorney-General’s Department supports the adoption of a technologically neutral AML/CTF Regime by the second half of 2017, which will close known gaps in the current regime.

Many other countries have already set out the compliance obligations for FinTech businesses, especially for digital currency businesses, meaning Australian businesses are at a competitive disadvantage. These amendments would assist Australian FinTech businesses to compete globally.

FinTech Australia is strongly of the opinion that the industry consultation process should include joint consultation sessions with representatives of the banking sector. We welcome the opportunity to co-design reforms with all stakeholders to incorporate all relevant perspectives in the new regime.

“There should be no reason for banks to withhold and provide essential banking services to an Australian business which demonstrates compliance with the AML/CTF policy framework”, said Nicolas Steiger, Flash FX CEO.

FinTech Australia is committed to work with the Attorney-General’s Department, AUSTRAC and the banking sector to develop a strong regulatory regime that formally extends AML/CTF obligations to all FinTech businesses in Australia.

FinTech Australia is seeking expressions of interest from Members who might like to contribute to this discussion. For more information contact Danielle or Nicolas Steiger.