Perth Mint is set to be investigated

AUSTRALIA (Aug 31)  AUSTRAC is an Australian government financial intelligence agency responsible for monitoring transactions to identify money laundering, organized crime, tax evasion, welfare fraud, and terrorism financing.

Gold Corporation trades as The Perth Mint, and as a regulated entity is subject to AML/CTF obligations. AUSTRAC identified compliance concerns following a period of engagement with the company. AUSTRAC chief executive officer Nicole Rose said all businesses regulated by AUSTRAC must comply with their obligations under the AML/CTF Act.

She said, “AML/CTF compliance requirements are in place to protect businesses, the financial system, and the Australian community from criminal threats,”. She then added “AUSTRAC does not hesitate to take action where a business that we regulate is failing to satisfy their responsibility to protect themselves and Australia’s financial system from criminal activity.

Lastly Rose noted, “We will continue to work closely with Gold Corporation to address compliance concerns.”

The extent of the auditor’s examination is determined by AUSTRAC and will be at Gold Corporation’s expense. The outcomes of the audit will assist Gold Corporation to comply with anti-money laundering obligations, and inform AUSTRAC whether any further regulatory action is required. The basis of the audit is reasonable grounds to suspect that the reporting entity has contravened, is contravening, or proposes to contravene the AML/CTF Act or the AML/CTF Rules.

KITCO