e-Pocket - Time to update
Dear “e-Pocket Community”
In this week's update we are going to touch base on the App & the Launch, but most importantly the new AUSTRAC compliance requirement in effect as of the 3rd of April 2018.
As per AUSTRAC, if your business provides exchange services to convert fiat currency (Australian dollars or US dollars) into digital currency and vice versa, you are required to:
- Enrol and register your business with AUSTRAC
- Adopt and maintain an AML/CTF program that reflects your business's operations
- Report suspicious matters and threshold transactions to AUSTRAC
- Keep records relating to customer identification, transactions, and AML/CTF program.
We must be registered, which we have already done and now waiting for the green light from AUSTRAC before we can start providing our services. The news was bittersweet for us as it has come at an inconvenient time. However, we support it as we can all agree that it is a much-needed structure in this industry at this present moment. The best way to look at it is, governments are starting to accept the technology and are finally taking the necessary steps in reducing the risk to consumers while preventing fraudulent activity from occurring. Since we heard the news, we have contacted our lawyers to prepare the appropriate documentation and applied AUSTRAC, and we are currently just waiting for a revert back to move forward with the launch.
The e-Pocket version1 of the APP was meant to be launched this April 2018 and then followed by the e-Pocket version 2 of the APP to be released in June 2018. Due to the requirement of AUSTRAC application, we have decided the start work on the version 2, while waiting for AUSTRAC to revert to us. So we will now be launching both versions at the same time when hitting the market. Version1 and Version 2 will be both ready for launch as a fully operational mobile App and web-based. Please review a demo app via the link below:
We are very proud of the work we have done so far and can't wait to hit the ground running while improving our product along the way and innovate more on top of what we have already built.
More updates are coming soon.
The e-Pocket Team