The Australian Transaction Reports and Analysis Centre (Austrac), an Australian financial intelligence agency, is trialing the use of blockchain and smart contract technology to automate the reporting of funds transfer instructions.
The agency is reportedly working with the Swinburne University of Technology in Melbourne, which has recently launched a Blockchain Center of Excellence in partnership with the french multinational consultancy Capgemini.
The Center will focus on developing blockchain solutions, encouraging its use — and Austrac might take advantage of it.
"We see this technology as the key digital innovation platform supporting global supply chains, intellectual property and trade across a range of industry sectors in the future." — Aleksandar Subic, deputy vice-chancellor of research and development at Swinburne.
As financial regulator, Austrac launched a licensing framework for domestic crypto exchanges in April 2018, requiring operators to register and apply Anti-Money Laundering (AML) regulations and Know-Your-Customer (KYC) verifications.
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