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☆ Australia's Perth Mint agrees to comply with anti money-laundering laws
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 23 (Reuters) - Australia's Perth Mint said on Thursday it had entered into an agreement with the country's financial intelligence agency to fully adhere to anti-money laundering laws after an external audit found compliance issues. The external audit was conducted between November 2022 and July 2023 at the direction of the Australian Transaction Reports and Analysis Centre (AUSTRAC), after it found non-compliance in an August 2022 assessment of Perth Mint. "The audit findings reflected AUSTRAC's concerns in relation to Gold Corporation's AML/CTF (anti-money laundering and counter-terrorism financing) program, monitoring systems and controls, and reporting to AUSTRAC," the agency said. In April, Western Australia state launched a review of its ownership of The Perth Mint, as the company battled allegations it sold diluted gold to China. Reporting by Deep Vakil in Bengaluru; Editing by Jacqueline Wong and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Jacqueline Wong, Diane Craft Organizations: New York Stock Exchange, REUTERS, Perth Mint, Australian, Thomson Locations: Perth, New York, U.S, Western Australia, China, Bengaluru

☆ Perth Mint undertakes to comply with anti money-laundering laws
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +1 min

The world's largest gold bullion coin, the Australian Kangaroo One Tonne Gold Coin, is displayed to mark the official launch of the Perth Mint Physical Gold Exchange Traded Fund (AAAU), outside the New York Stock Exchange (NYSE) in New York, U.S., July 16, 2019. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 23 (Reuters) - Australia's Perth Mint said on Wednesday it had entered an enforceable undertaking with the Australian financial intelligence agency AUSTRAC to fully adhere to anti-money laundering laws after an external audit found compliance issues. The world's biggest producer of newly mined gold said it will conclude its anti-money laundering remediation programme, which started in March 2021, by April 30, 2025, adding that no fine had been imposed as part of the undertaking. Reporting by Deep Vakil in Bengaluru; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, AUSTRAC, Jacqueline Wong Organizations: New York Stock Exchange, REUTERS, Perth Mint, Thomson Locations: Perth, New York, U.S, Bengaluru

May 30 (Reuters) - Crown Resorts, the Australian casino operator bought by Blackstone Inc (BX.N) after three damaging inquiries, agreed to pay a A$450 million ($294 million) fine for breaking anti-money laundering laws, a step toward ending its darkest chapter. "We are pleased to have reached this agreement with AUSTRAC," said Crown Resorts CEO Ciarán Carruthers, who started in the role in September. "The company that committed these unacceptable, historic breaches is far removed from the company that exists today." Australian regulators over the recent years have penalised a slew of companies over breaches and non-compliances, with the country's "Big Four" banks fined the most. ($1 = 1.4743 Australian dollars)Reporting by Byron Kaye in Sydney and Harish Sridharan in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Crown Resorts and Australian regulator agree to $294 mln penalty
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +1 min

May 30 (Reuters) - Crown Resorts has agreed to a A$450 million ($294 million) penalty after it failed to prevent money laundering and criminal activity at its casinos, Australia's financial crime regulator said on Tuesday. In reaching the agreement, Crown has admitted that it operated in breach of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), AUSTRAC said. Crown Melbourne and Crown Perth casinos failed to appropriately assess the money laundering and terrorism financing risks they faced, and to identify and respond to changes in risk over time, the regulator added. "The company that committed these unacceptable, historic breaches is far removed from the company that exists today," Crown said in a statement. ($1 = 1.4743 Australian dollars)Reporting by Harish Sridharan in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Australian regulator accepts PayPal unit's undertaking for money laundering laws
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

March 17 (Reuters) - Australia's financial crime regulator said on Friday it accepted an enforceable undertaking from payments giant PayPal Holdings' (PYPL.O) local unit to ensure its compliance with the country's anti-money laundering and counter-terrorism financing laws. In 2019, AUSTRAC, which is tasked with ensuring compliance with the laws, had ordered PayPal Australia Pty Ltd to appoint an external auditor to look at fund transfers after the regulator identified concerns with its reporting obligations. "PayPal Australia self-identified a reporting obligation issue to AUSTRAC. We have fully co-operated with AUSTRAC throughout their investigation..." a PayPal Australia spokesperson said. AUSTRAC said in a statement that PayPal has already undertaken significant work, including an independent audit, to ensure its compliance with the anti-money laundering obligations.

☆ Australian regulator begins civil lawsuit against Star Entertainment
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +1 min

Nov 30 (Reuters) - Star Entertainment Group (SGR.AX) said Australia's financial crimes regulator has begun a civil lawsuit against it over allegations of failure to comply with disclosure norms in relation to anti-money laundering and counter-terrorism financing rules. The Australian Transaction Reports and Analysis Centre (AUSTRAC) will commence civil penalty proceedings against two of Star's units, The Star Pty and The Star Entertainment Queensland Ltd, the casino operator said on Wednesday. Star, however, said AUSTRAC did not specify the damages it was seeking from the said lawsuit. Star's shares have dropped 28.8% in a year marked with investigations and scrutiny of its operations over its alleged failure to prevent money laundering and criminal activity. Reporting by Tejaswi Marthi in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Australian regulator orders audit of bookmakers Sportsbet, Bet365
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +2 min

Nov 3 (Reuters) - Australia's financial crime watchdog on Thursday ordered an audit of Sportsbet, the country's largest online betting house operated by Flutter Entertainment (FLTRF.L), and British gambling firm Bet365 to assess their compliance with financing laws. External auditors must report within six months whether the firms are well placed to identify and mitigate money laundering and terrorism financing, conduct risk assessment, and have necessary oversight, the Australian Transaction Reports and Analysis Centre (AUSTRAC) said. Sportsbet continues to invest heavily in AML/CTF (Anti-Money Laundering and Counter-Terrorism Financing Act) compliance and in our people, processes and systems." While Australia's gambling industry has been scrutinized in recent years due to alleged money laundering by its biggest casino operators, online betting has also come under the scanner as its prevalence boomed. Reporting by Shashwat Awasthi and Roushni Nair; Editing by Shinjini Ganguli and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

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