AUSTRALIA: CASH CONVERTERS IN AUSTRAC’S GUNSIGHTS

On 2 December, Thomson Reuters reported that pawnbrokers, payday lenders and other non-bank reporting entities have been urged to review their financial crime controls, as the Australian Transaction Reports and Analysis Centre (AUSTRAC) broadens its supervision and enforcement crackdown. It also says that Australia’s largest payday lender, listed pawnbroker Cash Converters, is the latest reporting entity to be referred to AUSTRAC’s enforcement division for suspected long-running AML failures.  It is said that thecompany’s financial crime compliance controls are inadequate and it has failed to put in place a consistent AML/CFT programme across the organisation’s international network of franchised stores, and that it received a notice from AUSTRAC which is often an indicator that further enforcement action is being considered.

https://insight.thomsonreuters.com.au/business/posts/cash-converters-in-austracs-gunsights-as-regulator-sizes-up-next-enforcement-targets

 

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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