Austrac says it has written to non-bank lenders and financiers, highlighting AML/CTF compliance gaps that are leaving these businesses open to money laundering risks. Background.
The letter details concerns about non-reporting and under-reporting, the sector’s ability to identify and manage high-risk customers, lack of effective monitoring of customer transactions, and lack of reporting of suspicious matters to AUSTRAC.
At the same time AUSTRAC has ordered the appointment of an external auditor to Mercedes Benz Financial Services Australia after raising concerns about the financier’s compliance with the AML/CTF Act.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
