AUSTRAC slaps businesses with fines for failing to comply with anti-money laundering, counter-terror financing laws

The financial intellegence agency has slapped a range of businesses with infringement notices for failing to comply with their reporting obligations on anti-money laundering laws and counter-terrorison funding.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has targeted companies and sole traders including pubs, clubs, non-bank lenders, bookmakers, financial services providers and trustees.

The initial infringement notices range from $3,300 for sole traders to $16,500 for companies for each contravention.

AUSTRAC has named the entities as Global Capital Management, Katoomba RSL All Services Club, Powered Investments, Albany Capital Investors, CP2 Investment Services and Archiwoods Capital.

In a statement, AUSTRAC CEO Brendan Thomas said ensuring businesses comply with anti-money laundering and counter-terror financing rules is critical to safeguarding Australian communities from serious crime.

"A key aspect of Australia's anti-money laundering and counter-terrorism financing regime is ensuring AUSTRAC receives information from businesses to support our work, and the work of our law enforcement partners," Mr Thomas said.

"Criminals and terrorists target businesses with weak anti-money laundering and counter-terrorism financing settings, which is why continued industry engagement is crucial."

The infringement notices related to failures to report the 2022 annual compliance report.