Ann: SWIFT Operational Update, page-297

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Yangbong

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11/12/19

09:53

Post #: 41904994
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Originally posted by Whatknots: ↑

As you point out the SWIFT protocol does not contain KYC/AML information, I believe this was exactly the mission of the ASIC Brief announced by ISX recently. Page 11 outlines the level of information the company believes should be included in the messages.

Based on the lack of further discussion, what most posters on this thread have so far failed to piece together based on the AUSTRAC links posted earlier. It is obvious that ISX do not have a reporting solution in place and are currently unable to full fill that obligation to AUSTRAC. Hence why only the originating transactions were halted, the reporting of terminating transactions are not the responsibility of ISX (according to AUSTRAC website) on the basis that ISX are not the financial entity that initially receives payment instructions from international banks for transfers into Australia.

It would appear the announcement placing the blame on the banks for lax AML reporting and the company halting originating international transfers was a pure point scoring exercise to cover their internal system inadequacies.

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Thanks for posting. Interesting. I will have a closer look at that one. Given the effort the company has expended to build its own infrastructure thus far, I find it odd they wouldn't have a process in place to satisfy AUSTRAC requirements.

ISX Price at posting: $1.07 Sentiment: Buy Disclosure: Held
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0 Great analysis

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