AUSTRAC has issued eight infringement notices for reporting failures as required by the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

AUSTRAC’s infringement notices were issued to businesses and sole traders across a wide range of industry sectors including pubs and clubs, non-bank lenders, bookmakers financial services providers and trustees. The businesses received initial infringement notices ranging from $3,300 for sole traders to $16,500 for companies for each contravention. 

The infringement notices related to failures to report the 2022 annual compliance report. While the majority of the 17,000 businesses AUSTRAC regulates submitted their compliance reports, AUSTRAC CEO Brendan Thomas says ensuring that businesses are compliant and using enforcement measures to guarantee this, is all part of safeguarding Australian communities from serious crime.

“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 the work of our law enforcement partners,” Mr Thomas said.

“Criminals and terrorists target businesses with weak anti-money laundering and counter-terrorism financing settings, which is why continued industry engagement is crucial.

“The annual compliance report helps AUSTRAC assess whether financial services providers are complying with our laws and identify problem areas that may lead to vulnerabilities in Australia’s financial system.”

AUSTRAC will continue to monitor compliance with reporting obligations and will not hesitate to take appropriate enforcement action where businesses fail to submit their annual compliance report.

Find out more about the consequences of not complying. A full list of the eight businesses that have been issued an infringement notice is available on our website.

Media contact

Email: media@austrac.gov.au

Phone: 02 9950 0488