Australia is planning to implement blockchain technology in order to automate transaction reporting

The Australian Transaction Reports and Analysis Centre (AUSTRAC) currently is testing a blockchain prototype with a goal of funds transfer automation. ZDNet reported this Sunday that the AUSTRAC has partnered with the Swinburne University of Technology in Melbourne for the purpose of building a model for testing.

The aforementioned associates will particularly test how blockchain and related technologies, are able to help organizations and in particular banks to automate their functions with regards to financial reporting. Beta period has been started in December last year and will probably last for a year.

Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act (hereinafter – "Act") states that institutions or specific categories of individuals engaged in an international transfer of funds – inter alia payer, sender and beneficiary – shall report details of the transfer during 10 days.

It is also worth noting that last month Swinburne University had been collaborating with technology firm "Capgemini" in order to create a new BCOE (Blockchain Centre of Excellence). The BSOE, located at the university’s Hawthorn campus in Melbourne, will focus on the promotion of the implementation of blockchain technologies, related platforms. Relying on the contribution of Swinburne’s existing Blockchain Innovation Lab, the BSOE is planning to work with Capgemini to develop blockchain solutions from the point of Proof of Concept to collaborated production.

Last spring, AUSTRAC presented new rules for cryptocurrency exchanges adhering the AML&CTF (counter money laundering and terrorism financing), which also included implementation of obligatory internal registration with its division.

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