Regulations/Money Laundring Statment

GMT MONEY is registered with Australian Securities and Investments Commission (ASIC).ACN 140926307
GMT MONEY is also authorized and regulated by Australian Transaction Reports and Analysis Centre(AUSTRAC).
AUSTRAC is Australia's anti-money laundering and counter-terrorism financing regulator and specialist financial intelligence unit. AUSTRAC's purpose is to protect the integrity of Australia's financial system and contribute to the administration of justice through expertise in countering money laundering and the financing of terrorism.
AUSTRAC operates with two important roles:
  1. AUSTRAC oversees the compliance of Australian businesses, defined as 'reporting entities', with their requirements under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and the Financial Transaction Reports Act 1988.
  2. In its intelligence role, AUSTRAC provides financial information to state, territory and Australian law enforcement, security, social justice and revenue agencies, and certain international counterparts.
    The prevention of money laundering is a key focus of regulatory authorities in developed countries around the world. Money laundering regulations are designed to inhibit the movement of funds derived from criminal activity and to restrict the availability of money to fund terrorist activities. In accordance with our regulatory obligations, we have strict procedures in place to minimise the risk that our service could be used for money laundering purposes including:
Identification of all clients Monitoring and reporting suspicious transactions Maintaining records for at least seven years Training staff to recognize suspicious transactions and to be aware of their reporting obligations In order to further reduce the risk that our service could be used for money laundering purposes, We will not accept settlement of your transaction by cheque or by credit card. All money is received and remitted by us electronically.
We will not accept you as a client until we are satisfied that you are who you say you are. Furthermore, we reserve the right at any stage to refuse to process your transaction if you fail to provide us with satisfactory information or, if information you have provided to us subsequently appears to be misleading, incorrect or false. We will not ask you to provide any information that is not necessary to satisfy our legal obligations. You should therefore comply with any request for information promptly. Your failure to do so could, in some circumstances, be regarded as suspicious. You should also assume that all information provided to us could be made available to regulatory authorities in both Australia and the other country associated with your transfer of funds.
WARNING: Money laundering is a criminal offence. You should be aware that, by misusing our service, you could expose yourself to criminal prosecution, as we are bound to automatically report such behaviour to the authorities. Examples of misuse include, but are not limited to: Breaking a large transaction into smaller transactions to avoid reporting Providing false or misleading contact details Providing false identification documents We do not want your business if the funds you are transferring are sourced from, or are related to, criminal activity.
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