AUSTRAC has required Canberra Southern Cross Club to appoint an external auditor
AUSTRAC has required Canberra Southern Cross Club Limited (CSCC) to appoint an external auditor to assess and help improve its compliance with anti-money laundering and counter-terrorism financing (AML/CTF) laws.
The notice follows an assessment by AUSTRAC that CSCC had extensive, longstanding, systemic and serious non-compliance with the AML/CTF Act and AML/CTF Rules.
AUSTRAC’s concerns included that CSCC had:
- an inadequate AML/CTF Program
- no transaction monitoring program
- significantly deficient customer identification procedures.
CSCC is required to appoint an external auditor to assess the:
- club’s compliance with certain AML/CTF obligations
- club’s existing capacity to comply with certain AML/CTF obligations
- steps needed to comply with their AML/CTF obligations.
The audit will help CSCC to identify, develop and implement the steps and procedures that would enable it to comply with the AML/CTF Act and AML/CTF Rules.
There is also a requirement to provide a copy of the audit report to AUSTRAC. It will be used to determine whether further enforcement action against CSCC is required.
AUSTRAC CEO Paul Jevtovic said that AUSTRAC will make use of the full suite of its powers.
“Businesses which fail to meet their AML/CTF obligations are not playing their part in protecting the Australian community from serious and organised crime."
"AUSTRAC takes its role in combating money laundering and terrorism financing very seriously and AUSTRAC will not hesitate to take enforcement action where appropriate.”
Available for interview: AUSTRAC CEO, Paul Jevtovic APM
Please contact AUSTRAC Communications:
- Telephone: +61 3 8636 0588
- Email: firstname.lastname@example.org
The notice is available on the Written notices page.