Australian Securities and Frankfurt Stock Exchange cross listed iSignthis Ltd welcomes the announcement yesterday by The Minister for Justice, The Hon Michael Keenan, MP of a bill to strengthen Australia’s money laundering (AML) laws, including bringing bitcoin providers under the remit of AUSTRAC, the government’s financial intelligence unit.
The Company is an EU regulated Monetary Financial Institution (SWIFT BIC ISEMCY21), that has been providing and continues to provide anti money laundering transaction monitoring, payment processing and remote enhanced due diligence / know your customer (KYC) for digital currency exchanges in both the US and the EU.
The Company is currently providing services to Coinify.com and Blockchain.info and is contracted to provide services to blockex.com / blockexmarkets.com, btcxe.com. and BuyCoinNow.com, amongst others.
The proposed Australian bill will align Australia with Japanese legislation and the proposed EU legislation, and we believe will bring important community benefits along with certainty to the digital currency sector. It will likely facilitate regulated growth for the sector, and for service providers such as the Company.
The iSignthis PaydentityTM solution brings together the conventional banking system, card payments, transactional monitoring and AML KYC such that digital currencies can be seamlessly integrated into the existing financial system, whilst meeting their AML regulatory requirements in the US, EU, Japan and shortly Australia. In contrast to highly localised services that focus principally on Australian residents, PaydentityTM provides global reach of up to 62% of the world’s population, allowing for rapid KYC on boarding of any ‘bank verified’ financially included person, this capability can in turn can provide Australian digital currency exchanges with global reach and scale opportunities, in the context of meeting their regulatory compliance requirements.
Further, our agreement with JCB International, whereby we can accept payments from JCB cards for Fintech and digital currencies via PaydentityTM, will bring further benefits to the digital currency community. The service is due to launch late September/ early October, and interest from digital currency exchanges and Fintech has been very strong.
The Company’s processed payment transaction volumes associated with digital currency have grown by more than 250% between January 1st and June 30th 2017, and continue to experience rapid compound growth.