Regulations

YuanPay under the Anti-Money Laundering and Counter Terrorism Financing Act 2006 is regulated by the Australian Transaction Reports and Analysis Centre ‘AUSTRAC’), remittance sector registration number: IND100549259. YuanPay ABN 69 619 331 314.

YuanPay will acquire those customer information for the purpose of satisfying all local and international anti-money laundering and anti-terrorist financing laws and regulations for Australia and Hong Kong. According to Privacy Act (1998) Australia, with other relevant provincial legislations.

What is AUSTRAC?

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All financial transactions of YuanPay will be provide to AUSTRAC for analysis.

Australian Transaction Reports and Analysis Centre (AUSTRAC) is an Australian government financial intelligence agency set up to monitor financial transactions to identify money laundering, organised crime, tax evasion, welfare fraud and terrorism.

AUSTRAC identify threats and criminal abuse of the financial system, and act to protect Australia’s economy.

AUSTRAC Website: http://www.austrac.gov.au/

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

Key Points of AML/CTF Act

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  • A reporting entity must give the AUSTRAC CEO reports about suspicious matters.
  • If a reporting entity provides a designated service that involves a threshold transaction, the reporting entity must give the AUSTRAC CEO a report about the transaction.
  • If a person sends or receives an international funds transfer instruction, the person must give the AUSTRAC CEO a report about the instruction.
  • A reporting entity may be required to give AML/CTF compliance reports to the AUSTRAC CEO.

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