Perth Mint operators agree to bolster money laundering and terrorism defences
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The news: The operators of the Perth Mint have agreed to bolster anti-money laundering and counter-terrorism financing measures after an audit confirmed a government watchdog's concerns about its legal compliance.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) said Gold Corporation has entered into a court-enforceable undertaking to improve its defences.
The context: AUSTRAC last year found Gold Corporation was not meeting its anti-money laundering obligations and asked the business to hire an auditor.
The auditor confirmed preventative measures were lacking, including monitoring, controls and reporting to AUSTRAC.
Rather than face penalties, Gold Corporation has agreed to be legally-bound to a remediation program. AUSTRAC and a third-party expert will oversee the work to ensure it is completed by April 2025.
What they said: "We are pleased AUSTRAC has noted the co-operation of our people during the process, the significant work the Mint has undertaken in remediating our anti-money laundering systems and processes, and that The Perth Mint has already completed a number of critical improvements" - Perth Mint non-executive chair Sam Walsh.
The sources: AUSTRAC, Gold Corporation
