Australian financial regulator builds cross-border reporting automation

28 Feb, 2019 | Updated: 28 Feb, 2019
by Fifi Arisandi
Australian financial regulator builds cross-border reporting automation

The Australian financial watchdog is preparing an easy reporting of cross-border transactions using blockchain technology. 

Australian financial watchdog, the Australian Transaction Reports and Analysis Centre (AUSTRAC) is currently developing a new way to automate cross-border transactions reporting using blockchain technology.

Working with the Swinburne University of Technology, the AUSTRAC expects the technology will eventually be implemented by financial institutions, like banks in order to comply with the country’s Anti-Money Laundering and Counter-Terrorism Financing Act mandates.

The mandates clearly specify that all parties involved in a cross-border transfer of funds, be it institutions or individuals are obliged to report the transaction details within 10 days after the transaction takes place, as reported by Coindesk.

The trial that started since end of last year is expected to run for a year and is one of the AUSTRAC’s proactive efforts of providing a secure environment as they’ve become more open to the cryptocurrency industry.

As previously reported by Chepicap earlier this month, the country down under has a changed stance towards cryptocurrency, which can be shown through the approval of 246 new crypto exchanges in the country.

Read more: Australia becoming friendlier to crypto with 246 licensed exchanges

How will cryptocurrency bloom in the land of the kangaroos? Stick with Chepicap for updates.

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Read more about: Australia Blockchain

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