Austrac is building a blockchain for anti money laundering reports

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March 2 2018

Australia’s financial intelligence agency AUSTRAC is building a proof of concept that would automate some anti money laundering and ‘know your customer’ reports on the blockchain.

The agency is looking into so-called ‘smart contracts’ for international funds transfer instructions (IFTIs) and threshold transaction reports (TTRs).

Both form part of banks’ obligations under national anti money laundering and counter-terrorism financing legislation.