Gold Corporation, trading as The Perth Mint, has been ordered to appoint an external auditor to assess its compliance with anti-money laundering and counter-terrorism financing laws.
AUSTRAC said it had ordered the appointment following a period of engagement with the WA Government-owned corporation during which it identified compliance concerns.
The auditor will be authorised to assess Gold Corporation’s compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) as well as Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) (AML/CTF Rules).
AUSTRAC CEO Nicole Rose stated that all businesses regulated by AUSTRAC were required to comply with their obligations under the AML/CTF Act.
“AML/CTF compliance requirements are in place to protect businesses, the financial system, and the Australian community from criminal threats,” she said.
“AUSTRAC does not hesitate to take action where a business that we regulate is failing to satisfy their responsibility to protect themselves and Australia’s financial system from criminal activity.”
The financial crimes regulator will determine the extent of the external auditor’s examination, which will be at the expense of Gold Corporation.
Compliance with requirements to have an AML/CTF program and to have an ongoing customer due diligence program will be among the areas assessed, along with suspicious matter reporting obligations and the maintenance of enrolment details within required timeframes.
The external auditor will be required to report to AUSTRAC within 180 days of being appointed.
AUSTRAC said that the outcomes of the audit will assist Gold Corporation to comply with its obligations and inform the regulator whether any further regulatory action is required.
“We will continue to work closely with Gold Corporation to address compliance concerns,” Ms Rose said.
Earlier this year, NAB entered into an enforceable undertaking with AUSTRAC after the regulator launched a formal investigation into the bank’s compliance with AML/CTF laws.
In June last year, AUSTRAC had advised NAB of “potential serious and ongoing non-compliance” with customer identification procedures and ongoing customer due diligence.
