I've had direct confirmation from speaking with the account manager who looks after the Silver Stackers relationship that the OzForex group of companies are actively declining transfers to bitcoin exchanges. Money laundering was the reason given, and it is a permanent policy. I've expressed the forum's displeasure at this position, and will be re-evaluating the referral relationship between Silver Stackers and OzForex moving forward. The forum has referred a decent number of clients to OzForex in the past, but I vigorously disagree with their position on this matter.
I am sure they had to do so because it may affect their business licence. Does this highlight a weakness in the BitCoin system? I can foresee the government effectively targeting all known exchanges and close down their abilities to accept fiat.
On another slightly happier note, I'm aware that they actively give out one fee-free transfer if it's your birthday.
Given that there's zero precedent in Australia, and AUSTRAC are looking at how to add AML/CTF guidelines for bitcoin transactions, hardly. It was an internal Compliance decision.
and an extremely pathetic one at that!! With all the bluddy ID verification going on at bitcoin exchanges nowdays i seriously doubt anybody in their right mind would choose this as a money laundering route! :lol:
Hi whom it may concern, Thank you for your email. Unfortunately we cannot facilitate transfers to Bitcoin as this presents a heightened Money Laundering & Terrorist Financing (ML/TF) risk due to their transfers sitting outside established banking networks, the high degree of anonymity and the lack of government regulation. We do apologise for any inconvenience this has caused. Kind Regards, *********** | Foreign Exchange Dealer | OzForex Please don't publicly publish personal names of staff from businesses on this forum
Never heard such a croc in my entire life! lol - yeh cos 100 point ID verification gives people so much anonymity ... bluddy idiot!
Hopefully it's just while they set up their own exchange... as a shareholder I'm pretty disappointed with this move.
I would suggest that you make your displeasure as a shareholder known. As bitcoins grow in popularity, one would assume there's a significant volume of forex business at stake to facilitate the purchases on exchanges.
