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(Kitco News) – The Australian Transaction Reporting and Analysis Center (AUSTRAC) ordered the appointment of an external auditor for Gold Corporation (Perth Mint) under the Anti-Money Laundering and Terrorist Financing Act (AML/ CTF).
AUSTRAC is an Australian government financial intelligence agency responsible for monitoring transactions to identify money laundering, organized crime, tax evasion, welfare fraud and terrorist financing.
Gold Corporation is listed as The Perth Mint and as a regulated entity is subject to AML/CFT obligations. AUSTRAC identified compliance issues after a period of engagement with the company. AUSTRAC Executive Director Nicole Rose said that all companies regulated by AUSTRAC must comply with their obligations under the AML/CFT Act.
“AML/CTF compliance requirements are in place to protect Australian businesses, the financial system and the community from criminal threats,” it said. “AUSTRAC does not hesitate to take action when a company we regulate fails to live up to its responsibility to protect itself and Australia’s financial system from criminal activity. We will continue to work closely with Gold Corporation to address compliance concerns.”
The scope of the auditor’s examination is determined by AUSTRAC and will be carried out by Gold Corporation. The results of the audit will help Gold Corporation meet its anti-money laundering obligations and will inform AUSTRAC if any further regulatory action is required. The basis of the audit is reasonable grounds to suspect that the reporting entity has breached, is breaching or intends to breach the AML/CFT Act or the AML/CFT Rules.
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