Dispelling the myth that APT dont do checks..., page-8

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14/06/19

16:13

Post #: 39065433
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Originally posted by footynbeers: ↑

I have a few points I'd like to add regarding your post:

1) Credit checks definitely do not meet AML/CTF requirements. Totally separate levels of investigation.
2) Not being labelled a credit agency does not mean an entity no longer has to do AML/CTF.
3) You're conflating the ideas of credit checks and AML/CTF. AUSTRAC definitely has room here to "come over the top" as they are looking at a separate issue to the Senate Committee.
4) From my understanding the $10,000 cap is the generic "threshold transaction" amount but the regulator is within their rights to determine an appropriate threshold amount. Just because it's below $10k doesn't mean it can't be touched by AML/CTF. **
5) Senate inquiry looked at a completely different issue. They were not tasked with looking at AML/CTF and this is not their domain.

** Relevant legislation and definition under section 5 of Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006. Found here

For disclosure purposes: I have no skin in the game either way on this stock and honestly i doubt that there will be any enormous fallout from the audit. I just don't think you accurately illustrated the issues raised by AUSTRAC.

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At $10,000 it has to be reported to AUSTRAC.

ADI’s are also required to report suspicious transactions such as someone frequently depositing under $10,000 on a regular basis

APT doesn’t do credit checks. They use Illion (D&B) to do a light touch ID verification to ensure the person exists and address checks out

APT Price at posting: $21.59 Sentiment: Buy Disclosure: Held
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Dispelling the myth that APT dont do checks..., page-8

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