AUSTRAC issues 16 businesses with infringement notices for failing to comply with reporting requirements
AUSTRAC has issued sixteen businesses with infringement notices for failing to meet their reporting obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
The infringement notices were issued because the businesses failed to submit their 2023 annual compliance reports.
While the majority of the 17,000 businesses AUSTRAC regulates submitted their compliance reports, AUSTRAC CEO Brendan Thomas says ensuring businesses are compliant, and using enforcement measures to secure this, is essential if AUSTRAC is to continue safeguarding Australian communities from serious crime.
“AUSTRAC relies on reporting entities to monitor and report on their compliance with the AML/CTF Act; this is a fundamental and critical part of a reporting entity’s obligations,” Mr Thomas said.
“The businesses which were issued infringement notices for failing to submit their 2023 compliance report had a history of non-compliance with this obligation.”
The infringement notices ranged from $3,756 for sole traders to $18,780 for companies. 11 businesses have paid their infringement notices to resolve AUSTRAC’s concerns. The other five businesses remain under AUSTRAC investigation.
AUSTRAC regularly communicates to businesses about their reporting requirements, with regular reminders until the 2023 lodgement period ended on 31 March 2024. The notices were issued to businesses across a wide range of industry sectors including precious metal traders, bookmakers, pubs and clubs, non-bank lenders and financiers, alternative remittance dealers, trustees of managed investments schemes and stock brokers.
“A key aspect of Australia’s anti-money laundering and counter-terrorism financing regime is ensuring AUSTRAC receives information from businesses to support our work and help provide the actionable data for our intelligence work, and the work of our law enforcement partners,” Mr Thomas said.
This action follows AUSTRAC issuing eight infringement notices in April this year regarding failure to lodge the 2022 compliance report.
“AUSTRAC will not hesitate to continue drawing on its range of regulatory tools and enforcement powers to maintain public confidence in Australia's financial system and prevent non-compliance,” Mr Thomas said.
Find out more about the consequences of not complying. The list of the 11 businesses which have discharged their infringement notices are available on the enforcement actions taken page of our website.
About AUSTRAC
AUSTRAC (the Australian Transaction Reports and Analysis Centre) is the Australian Government agency responsible for detecting, deterring and disrupting criminal abuse of the financial system to protect the community from serious and organised crime.
Through intelligence led regulation, and enhanced intelligence capabilities, AUSTRAC collects and analyses reports and information to generate financial intelligence.
Media contact
Email: media@austrac.gov.au
Phone: 02 9950 0488