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AUSTRAC accepts enforceable undertaking from Cash Converters

Money LaunderingAUSTRAC accepts enforceable undertaking from Cash Converters

AUSTRAC has accepted an Enforceable Undertaking (EU) from Cash Converters to uplift its compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws. The EU comes after an investigation identified concerns with Cash Converters’ AML/CTF program, including that it was not properly implemented and did not include sufficient detail on important components such as transaction monitoring and customer due diligence.

Cash Converters has already undertaken significant work aimed at improving its AML/CTF program and has undertaken to continue this. Cash Converters’ progress will be monitored closely by AUSTRAC to ensure that actions are taken within specified timeframes.

AUSTRAC Acting Chief Executive Officer, Peter Soros, said that the enforceable undertaking aims to ensure that Cash Converters’ AML/CTF program is fit for purpose and lays the foundations for ongoing compliance.

“Cash Converters has demonstrated a commitment to maturing its AML/CTF compliance arrangements, cooperating with AUSTRAC throughout the course of our regulatory enquiries.” Mr Soros said.

“To date, Cash Converters has undertaken work to rectify shortcomings in its AML/CTF program. AUSTRAC will continue to work with Cash Converters to ensure it is compliant, both now and into the future.”

“Businesses with obligations under the AML/CTF Act are our front line in protecting the community from the harm caused by money laundering and terrorism financing. That’s why it’s so important they have robust systems in place to ensure they meet their AML/CTF obligations and play their part in protecting Australia’s financial system from criminal exploitation.”

Details of the EU are available on the AUSTRAC website.

AUSTRAC’s regulatory approach

AUSTRAC uses a range of regulatory tools and powers to ensure compliance. Interactions are tailored based on the level of risk posed by the entities we regulate and their circumstances, and range from education and collaboration, through to regulatory interventions and enforcement.

AUSTRAC enforcement powers include:

issuing infringement notices

issuing remedial directions, which require a reporting entity to take specified action to ensure compliance

accepting enforceable undertakings detailing the specific actions a reporting entity will commence or cease in order to comply with the AML/CTF Act

seeking injunctions and/or civil penalty orders in the Federal Court.

AUSTRAC does not provide public commentary on individual reporting entities’ compliance.

Details of the consequences of not complying are available on the AUSTRAC website.

Hear from AUSTRAC’s acting CEO

AUSTRAC’s acting CEO, Peter Soros, speaks about the Cash Converters EU.

Author: austrac.media

Story from austrac.gov.au

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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