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Home»ADOPTION NEWS»IoTA supports Australia’s flexible AML/CTF reform.
ADOPTION NEWS

IoTA supports Australia’s flexible AML/CTF reform.

By Crypto FlexsMay 17, 20253 Mins Read
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IoTA supports Australia’s flexible AML/CTF reform.
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Louisa Crawford
May 16, 2025 02:32

IoTa Foundation supports AUSTRAC’s proposed AML/CTF reform and emphasizes a flexible risk -based comments approach to promoting innovation while maintaining financial protection measures.





To modernize the financial regulations on the digital era, Australia’s AUSTRAC has proposed an update for the AML and Counter-Terrorism Finance (CTF) frameworks. According to the IoTA blog, IoTA Foundation expressed strong support for these reforms and advocated flexible and risk -based regulations that balanced innovation and necessary means of protection.

IoTA’s perspective on AML/CTF reform

The IoTA Foundation sees the proposed AML/CTF update as an important step in sorting Australia’s regulatory framework and global best practices. The Foundation emphasizes that regulations such as AML and CTFs are essential to protect financial systems and maintain social trust. However, these measures should not be a simple bureaucratic obstacle, but insist that it should be a powerful tool to strengthen innovation.

Defend the risk -based approach

One of the main recommendations of IoTA is to adopt a risk -based approach to customer due diligence (CDD). The Foundation argues that if all transactions are processed the same regardless of size, unnecessary frictions are produced. They suggest that small sales and low -cost transmissions should not apply the same strict CDD as high -risk transactions. Instead, the IoTA suggests using blockchain analysis and distributed identification tools to maintain compliance without interfering with comprehensive castles.

Business diversity recognition

IoTA also emphasizes the need for regulatory flexibility that can accommodate various business structures, especially small virtual asset service providers (VASPs). The Foundation points out that it may be a burden to impose the same compliance requirements for small institutions with global companies. They recommend options such as their own authentication or third -party audit to relieve compliance without damaging the standard.

Adapt to the reality of Web

Distributed autonomous tissue (DAO) and non -parenting wallet, a password ecosystem, requires modern regulation compliance framework. IoTA emphasizes the need for governance models that reflect the distributed characteristics of these entities. In addition, we suggest that blockchain analysis and tokenized KYC proofs are used to solve the complexity of identifying the other person in its own wallet.

Simplified reporting and global standards

Another focusing area is to report 12 months of compliance, and IoTA insists that fiscal calendars can challenge other global teams. They advocate to allow VASP to adjust the family jurisdiction to improve the efficiency and accuracy. In addition, the IoTA requires a harmonious global standard to ease the compliance between the borders, especially in relation to the travel rules.

Future

The IoTA Foundation is trying to cooperate with regulators to grant authority rather than interfering with innovation. IoTA believes that by promoting risk -based accidents, flexibility and practical tools, the growth of the digital financial ecosystem can be supported while regulations prevent misuse.

Image Source: Shutter Stock


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