AUSTRAC Fines Currency Exchange Business for AML Reporting Failures
12 Sep 2019

Australia’s anti-money laundering regulator disclosed a $252,000 infringement notice against Compass Global Holdings Pty Ltd for failing to report international transactions as required by a 2006 law.

The Australian Transaction Reports and Analysis Centre, or AUSTRAC, said the cross-border transactions occurred in 2018 and 2019. Under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, the Sydney-based currency exchange service is required to submit International Funds Transfer Instruction (IFTI) reports to AUSTRAC in a timely fashion.

“AUSTRAC is working with Compass, to ensure they understand their compliance obligations. Where businesses don’t comply with the law, AUSTRAC will not hesitate to take action to protect Australia’s financial system and the community from criminal activity,” said AUSTRAC Chief Executive Officer Nicole Rose, in a statement.

The enforcement action shortly follows the launch of a national campaign targeting unregistered money transfer dealers, AUSTRAC said.

Read AUSTRAC’s statement here

You can claim CPD minutes for this content, by signing up to our CPD Wallet

FREE CPD Wallet

You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.