Subsection 162(2) notice - external audits - compliance
Under subsection 162(2), Part 13 Division 7 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), the AUSTRAC Chief Executive Officer (CEO) may, by written notice, require a reporting entity to:
- appoint an external auditor; and
- arrange for the external auditor to carry out an external audit of whichever of the following is specified in the notice:
- the reporting entity's compliance with the AML/CTF Act, the regulations and the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) (AML/CTF Rules);
- one or more specified aspects of the reporting entity's compliance with the AML/CTF Act, the regulations and the AML/CTF Rules; and
- arrange for the external auditor to give the reporting entity a written report (audit report) setting out the results of the audit; and
- give the AUSTRAC CEO a copy of the audit report.
Before the AUSTRAC CEO can exercise the power to require a reporting entity to appoint an external auditor under subsection 162(2) of the AML/CTF Act, there must be reasonable grounds to suspect that the reporting entity has contravened, is contravening, or is proposing to contravene the AML/CTF Act, the regulations or the AML/CTF Rules.
By publishing copies of written notices requiring an external audit, AUSTRAC remains transparent and accountable in its decision making.
|Date||Entity||Subsection 162(2) notice|
|2 June 2010||George Thomas Hotels|
|26 June 2012||A2Z Communication||A2Z Communication Pty Limited (PDF, 61KB)|
|18 May 2015||Canberra Southern Cross Club Ltd|
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