International Law

AUSTRAC orders external AML/CTF audit

By David Jacobson

AUSTRAC has announced that it has given its first written notices to reporting entities requiring the appointment of an external auditor under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

The notices given to seven reporting entities in the Thomas Hotels group which provide gambling services follows an AUSTRAC assessment which identified compliance breaches and require them to:

* appoint an external auditor
* arrange for the external auditor to conduct an audit that assesses:

• the reporting entity’s compliance with its AML/CTF obligations
• the reporting entity’s existing capacity to comply with its AML/CTF obligations
• what the reporting entity will need to do to comply with its AML/CTF obligations

* give to the AUSTRAC CEO a copy of the audit report.

Full post as published by Australian Regulatory Compliance Review on July 07, 2010 (boomark / email).