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.
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