Clarity over what ISX actually do..., page-163

Thanks @A4paper
My take is:
Blockchain is a way of authenticating a record of something, the thing itself say an account isn't necessarily legit. in the sense that the account is owned by whoever is referenced. So you can buy and sell bitcoins through LocalBitcoins.com and not know if you are dealing with a money launderer if LocalBitCoins doesn't do KYC for all customers (say in Ukraine, Russia..).
ASX are mooted to become able to use their (actually any) blockchain to mutualise one bank's customer identities with other trusted bank's customers. One step up from using spreadsheets by WBC.
Blockchains are not hard to build. It is the trust in the authentication process that matters. Our banks hate the idea of having their ticket clipped.
So NAB walked away from ML exposure or paying ISX for KYC in the grey area.
ISX should look into a special deal for Australian banks with respect to just bank customers dealings with other banks' customers for whom KYC has already been done, then generalize that.They could use a blockchain for that. Bad luck for ASX.
Eventually the banks do need to respond to ML legislation which is only going to get tighter.
I am not convinced blockchain cuts it for ML without KYC as well for the ML exposure.