AML Policy

  1. .  General

    Payscript is a Registered Digital Currency Exchange (since 9th November 2020) through AUSTRAC and is bound by Australian law to put in place a number of different Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF) and Fraud Prevention measures.

    Such measures allow us to prevent any money laundering and terrorism financing that may be attempted through the services we provide as we thoroughly monitor, detect and investigate any suspicious behaviours that our systems come across.

  2. . AUSTRAC

    AUSTRAC (A Government Financial Intelligence Agency): “is responsible for preventing, detecting and responding to criminal abuse of the financial system to protect the community from serious and organised crime.”

    As a reporting entity, Payscipt complies with AUSTRAC’s guidelines in identifying and bringing awareness of any suspected events/transactions /requests/notices/concerns that are deemed to be involved with or facilitating Fraud, Terrorism, Trafficking, Money Laundering or any other type of Crime to the relevant and appropriate authorities.

  3. .  Money Laundering and Terrorism Financing

    Money laundering is the process of concealing the origination of money obtained illegally by passing it through a complex sequence of transactions which allow the proceeds to converted to “clean money” or “clean assets”.

    It can also more generally involve misusing any given independently functioning part of the financial system which allow for the proceeds of crime to be returned to the launderer in an indirect or bespoke manner. This includes manipulating digital assets, traditional securities, debt and credit cards for the purposes of tax evasion, overseas sanctions and terrorism financing (using concealed funds in acts of terrorism).