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22-09-2015, 05:13 PM
Bitcoin may fail not on its credibility, but on the global anti-money laundering effort...
Australia's major banks pull plug on bitcoin companies
22 Sep 2015 11:15
[SYDNEY] Australia's major banks are closing accounts of bitcoin companies, forcing at least 13 digital currency providers out of business in response to tougher rules on money laundering and terrorism finance, an industry body spokesman said on Tuesday.
The move comes just months after Westpac Banking Corp became the last of Australia's four major banks to pull out of the remittances business in order to reduce compliance risks.
Banks globally are exiting sectors that present compliance headaches under pressure from regulators to meet tighter anti-money laundering and counter-terrorism financing rules. "The current bitcoin operating model requires very tough compliance and assurance requirements to ensure we meet the high standards required under anti-money laundering regulations," a Westpac spokesman said. "We continue to monitor developments in bitcoin, including their regulation." Banks have sent letters to 17 bitcoin companies including BitTrade and Buyabitcoin informing them their accounts would be closed, an Australian Digital Currency Commerce Association (ADCCA) spokesman said. "We continue to speak with banks to find a solution to the problem. ADCCA looks forward to guidance from the government as to how the situation can be resolved," he said.
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EUTERS
Source: Business Times Breaking News
Australia's major banks pull plug on bitcoin companies
22 Sep 2015 11:15
[SYDNEY] Australia's major banks are closing accounts of bitcoin companies, forcing at least 13 digital currency providers out of business in response to tougher rules on money laundering and terrorism finance, an industry body spokesman said on Tuesday.
The move comes just months after Westpac Banking Corp became the last of Australia's four major banks to pull out of the remittances business in order to reduce compliance risks.
Banks globally are exiting sectors that present compliance headaches under pressure from regulators to meet tighter anti-money laundering and counter-terrorism financing rules. "The current bitcoin operating model requires very tough compliance and assurance requirements to ensure we meet the high standards required under anti-money laundering regulations," a Westpac spokesman said. "We continue to monitor developments in bitcoin, including their regulation." Banks have sent letters to 17 bitcoin companies including BitTrade and Buyabitcoin informing them their accounts would be closed, an Australian Digital Currency Commerce Association (ADCCA) spokesman said. "We continue to speak with banks to find a solution to the problem. ADCCA looks forward to guidance from the government as to how the situation can be resolved," he said.
...
EUTERS
Source: Business Times Breaking News
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