Australia tests blockchain to automate transfer reports

The Australian government is testing blockchain technology to facilitate the reporting of cross-border transfers as required by the country's legislation

The project will be carried out by the Australian Transaction Analysis and Reporting Center (AUSTRAC) and the Swinburne University of Technology in Melbourne who allied to develop the first pilot test using blockchain technology as a fundamental basis.

Both organizations will study how decentralized technology and smart contracts can collaborate with financial institutions to facilitate and digitize the presentation of reports of asset transactions to the regulatory institution.

Australian laws require institutions and all persons involved in a cross-border transfer to report the details of the transaction within a period of no more than 10 days. This is stipulated by the Law against Money Laundering and the Financing of Terrorism that both the payer and the sender or the beneficiary organization must make the respective report.

The project’s pilot plan began last December and will last at least one year according to the published report. However, it is already known that in the new legal framework registration with the Australian Center for Analysis and Reporting of Transactions (AUSTRAC) it will be mandatory.


Source: Diario Bitcoin

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