AUSTRAC accepts enforceable undertaking from Gold Corporation

AUSTRAC accepted an Enforceable Undertaking (“EU”) from Gold Corporation (trading as Perth Mint) to uplift its compliance with AML/CTF laws.

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In August 2022, following an assessment of Gold Corporation which identified non-compliance with the AML/CTF laws, AUSTRAC directed Gold Corporation to appoint an external auditor to assess its compliance with its AML/CTF obligations.

The audit findings reflected AUSTRAC’s concerns in relation to Gold Corporation’s AML/CTF Program, monitoring systems and controls, and reporting to AUSTRAC.

Following consideration of the audit findings, including the nature and seriousness of the non-compliance and Gold Corporation’s willingness to cooperate and proactively work to comply with its AML/CTF obligations, AUSTRAC determined that an EU is the most appropriate regulatory response.

The EU will ensure that Gold Corporation commits sufficient resources to adequately implement its remediation program promptly, or risk further enforcement action. This can include seeking Court orders to enforce the EU or cancelling it and taking further action which may include commencing civil penalty proceedings in the Federal Court.

AUSTRAC considers that the EU is a necessary step to ensure that Gold Corporation addresses these AML/CTF deficiencies through its remediation program. The EU binds Gold Corporation to complete this remediation program under enhanced oversight from AUSTRAC and an independent third party expert, with the remediation to be completed by April 2025.

Further, Gold Corporation is required to demonstrate consistent progress to AUSTRAC in its remediation program, while ensuring that it meets agreed timeframes for remedial actions.

Details of the EU are available on the AUSTRAC website.

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