Criminals use financial institutions to conceal their illegitimate funds with the aim of making ‘dirty money’ clean, this is known as money laundering. Terrorism financing is the financial support of terrorism or of those who encourage, plan, or engage in terrorist activities. Money laundering and terrorism financing (ML/TF) risk refers to the likelihood and impact of Digital Surge being involved with or facilitating this unlawful activity.
AUSTRAC is Australia’s financial intelligence agency with regulatory responsibility for anti-money laundering and counter-terrorism financing.
Digital Surge follows the AUSTRAC requirements for a reporting entity. We follow best practices in customer due diligence in order to know our customer (KYC). We utilise Digital ID to verify our customer’s identities, and may require further proof of identity once verified. We take our reporting obligations seriously as we believe in a safe and secure digital currency ecosystem in Australia.