The Australian Transaction Reports and Analysis Centre (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.
The infringement notices ranged from $3,765 for sole traders to $18,780 for companies. 11 businesses have paid their infringement notices…
Read More