As with all cryptocurrency providers, there is a risk that the BTC Markets platform may be used to launder money and finance terrorism. To identify, manage and mitigate this risk, BTC Markets has in place training, systems and processes that comply with AUSTRAC regulated AML/CTF legislation. We do this to protect the industry’s integrity, the reputation of our business, and to be a responsible corporate citizen.
We have in place an AML/CTF Policy which sets out how we comply with AML/CTF legislation. The Policy applies to all our employees, contractors and third-party providers.
As a designated service provider, we are required to carry out know your customer (KYC) and ongoing customer due diligence to open and maintain your account. This requires us to ask you to provide personal and / or business information. We use a verification system called FrankieOne to verify the identity of our customers. All customers are checked against global sanctions and Politically Exposed Person (PEP) lists.
Where we identify a transaction or activity as suspicious, we have an obligation to report to AUSTRAC or other relevant authorities.
Money laundering is the process of hiding or disguising the source of illegally obtained (“dirty”) funds to make them appear legitimate (“clean”), e.g. by filtering them through the financial system to reduce the risk of detection and confiscation by authorities.
Terrorism financing provides funds for terrorist activity. It may involve funds raised from legitimate sources, such as personal donations and profits from businesses and charitable organisations, as well as from criminal sources, such as the drug trade, the smuggling of weapons and other goods, fraud, kidnapping and extortion. Terrorists use techniques like those of money launderers to evade authorities' attention and to protect the identity of their sponsors and of the ultimate beneficiaries of the funds.
BTC Markets is a registered Digital Currency Exchange with AUSTRAC.
BTC Markets is a Gold Certified Member of ADCA. Obtaining certification confirms that BTC Markets has met all expectations within the ADCA Code of Conduct (which includes all relevant AML/CTF obligations) as assessed through an independent audit.
BTC Markets are proud to be the first fully certified digital currency exchange in Australia with the Australian Digital Commerce Association (ADCA).
For more information, please visit our ADCA Certification page.