Australia: SVC risk and regulation
The Australian Transaction Reports and Analysis Centre (‘AUSTRAC’) has recently published its first ‘Money Laundering and Terrorism Financing Risk Assessment: Stored Value Cards’ (‘SVC Assessment’), which analyses the potential of stored value cards (‘SVCs’) to be used for money laundering or terrorism financing (‘ML/TF’) purposes.
HWL Ebsworth Partner, Michael Anastas and Trainee Solicitor Elizabeth Singleton have provided a useful summary on the report in an article published in last month’s edition of Payments & FinTech Lawyer.
Click here to read the article.
Important Disclaimer: The material contained in this publication is of a general nature only and is based on the law as of the date of publication. It is not, nor is intended to be legal advice. If you wish to take any action based on the content of this publication we recommend that you seek professional advice.