AML/CTF Policy Australia - Mine Digital

AML/CTF policy

AML/CTF Policy

Legal / regulatory framework

Mine Digital exchange is required by Australia law to ensure that the services we provided do not facilitate money laundering or terrorism financing. 

What is Money Laundering?

Money laundering is dealings with money or other property which is, and is believed to be, proceeds of crime, or is intended to be an instrument of crime. This may include receiving, possessing, concealing or disposing or the money or other property, importing or exporting money or other property into or from Australia, or engaging in a banking transaction relating to the money or other property.

What is Terrorism Financing?

A person finances terrorism when they intentionally collect or provide funds and are reckless about whether the funds will be used to facilitate or engage in a terrorist act.  It does not matter if the person provides or collects the funds on behalf of someone else, if the terrorist act does not happen or if the funds will not be used for a specific terrorist act or for more than one terrorist act.

What anti-money laundering (AML) and counter-terrorism financing (CTF) steps do we take?

We have adopted an AML/CTF Program which establishes our operational framework for identifying, mitigating and managing the risk of the Mine Digital exchange being misused to facilitate money laundering or terrorism financing, and to comply with our obligations under the ALM/CTF Act and reporting requirements to AUSTRAC. 

Our AML/CTF Program includes:

  • Ongoing due diligence for both customers and employees;
  • Procedures for conducting risk assessments and assigning roles and responsibilities within Mine Digital to ensure ongoing compliance with the AML/CTF Act.
  • Collecting and verifying certain ‘know your customer’ (KYC) information about all our customers. By conducting these KYC checks, we ensure that we know the users of the Mine Digital exchange platform and are better able to identify and mitigate any money laundering or terrorism financing risks in the conduct of their financial transactions, especially where there is any unusual or suspicious activity;
  • Preparing compliance reports to AUSTRAC annually which includes information about our customer identification procedures and reporting obligations; and
  • Monitoring transactions on the Mine Digital exchange platform and reporting the following types of transactions to AUSTRAC:
  • transfer of physical or digital currency of $10,000 or more;
  • andelectronic transfers of funds into or out of Australia;
  • and matters which we deem suspicious on reasonable grounds.

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