AUSTRAC Accepts Enforceable Undertaking to Strengthen AML CFT Measures in Gold Corporation
November 23, 2023
AUSTRAC, Australian Transaction Reports, and Analysis Centre has agreed to an Enforceable Undertaking (EU) from Gold Corporation, Perth Mint, to enhance compliance with Australia’s anti-money laundering and counter-terrorist financing (AML/CFT) regulations, as per AUSTRAC media release.
This action was initiated in response to an audit report that highlighted issues in Gold Corporation related to AML/CFT measures, monitoring systems, and AUSTRAC reporting. In August 2022, after assessing Perth Mint’s non-compliance with AML/CFT laws, AUSTRAC instructed the gold corporation to mandate the appointment of an external auditor to assess their anti-money laundering regulations.
After a comprehensive review of the audit findings, taking into account factors such as the nature and gravity of the non-compliance, as well as Gold Corporation’s willingness to cooperate and proactive efforts towards AML/CFT, AUSTRAC has concluded that an enforceable undertaking is the most suitable regulatory response.
Enhanced oversight in Regulatory Compliance
The Enforceable Undertaking (EU) will make sure that the gold corporation allocates enough resources for the timely and successful implementation of its remediation program, otherwise, further enforcement measures may be taken including court orders to enforce EU measures, or opting to withdraw it and commencing civil penalty proceedings in the Federal Court of Australia.
Additionally, the gold corporation is obligated by the EU to fulfill this remediation program by April 2025, while being closely monitored by AUSTRAC and an independent third-party expert.
While talking about EU enforcement in the gold sector for effective AML compliance, AUSTRAC acting Chief Executive Officer, Peter Soros, reportedly remarked “All businesses enrolled with AUSTRAC must have robust systems in place to ensure they meet their AML/CTF obligations. Businesses like Gold Corporation are the front line of defense in protecting Australia’s financial system from exploitation by criminals.”
Countries are mandating different private and government sectors to strengthen anti-money laundering and counter-terrorist financing laws to fight illicit financial activities, and enhance transparency.
To explore anti-money laundering efforts taken by different nations, also read: What are the EU’s Anti-Money Laundering Directives?
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