AUSTRAC has ordered the appointment of an external auditor to Western Union Financial Services Australia (Western Union) after raising concerns about the money remitter’s compliance with the AML/CTF Act.
Among the concerns were core anti-money laundering issues such as poor customer due diligence, delayed or non-reporting of suspicious matters, non-compliant international funds transfer instruction reporting and concerns about whether Western Union’s AML/CTF program is functional.
AUSTRAC orders external audit of Western Union Financial Services
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