Exchange Magix AML Policy

Exchange Magix (trading name of United Loans PTY LTD) is bound by Australian law to ensure it is not involved in the facilitation of financing terrorism or money laundering.

As per the guideline set out by AUSTRAC, procedures have been implemented for the assurance of detecting, preventing and reporting attempts to use our financial services platform to launder money, finance illegal activities such as terrorism and drug trafficking, or to commit fraud.

Exchange Magix will take reasonable steps to identify its clients once and account has been opened to comply with Know your Customer (KYC) regulations.

• All clients must undergo a KYC verification process to confirm the clients identity prior to the purchase and exchange digital assets
• Fiat currency deposits to Exchange Magix (trading name of United Loans PTY LTD) must be made from a bank account held in the same name as the verified client’s account.
• Fiat currency withdrawals from Exchange Magix (trading name of United Loans PTY LTD) must be requested to a bank account held in the same name as the verified client’s account.
• Exchange Magix (trading name of United Loans PTY LTD) is obliged to report any suspicious activity to the relevant authorities
• Cryptocurrency withdrawals may require proof that the verified client’s bank account is held in the same name as the mentioned account in Exchange Magix (trading name of United Loans PTY LTD) before being approved.

For further information, please refer to the AUSTRAC website.

What is Money Laundering?

Money laundering is the process in which the proceeds of crime are transformed into legitimate money or other assets.

However, in a number of legal and regulatory systems the term money laundering has become conflated with other forms of financial crime, and sometimes used more generally to include misuse of the financial system (involving things such as securities, digital currencies, credit cards, and traditional currency), including terrorism financing, tax evasion and evading of international sanctions.

What is Terrorism Financing?

Simply put it is the use of funds, concealing the original source, for use in acts of terrorism.

Who is AUSTRAC?

AUSTRAC is an Australian Government Financial Intelligence Agency that was set up to monitor financial transactions. It specifically looks to identify money laundering, tax evasion, welfare fraud, terrorism and organized crime.