Gaming payment tech raises Austrac concerns
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The news: The rise of payment technology outside of regulated platforms and banks is prompting concern for the financial crimes watchdog, Austrac chief executive Brendan Thomas said.
The context: The growth in payment technology via gaming is an increasing opportunity for criminal activity, Thomas told the Australian Securities and Investments Commission (ASIC) Annual Forum in Sydney.
Thomas said that while advancement in technology would lead to more frictionless payments, which was good for consumers, it also created challenges for the regulator.
People being able "to purchase and make deposits into games than can be extracted to another place" is a "great opportunity for growth in criminal activity", Thomas said.
What they said: "We're increasingly concerned about the growth of payment opportunities and tech opportunities in the financial system, and the criminal opportunities that that creates," Thomas said.
The source: ASIC Annual Forum
