Perth Mint Commits to Anti-Money Laundering Measures Following Compliance Issues

In a bid to address compliance issues uncovered by an external audit, Australia's Perth Mint has announced its commitment to fully adhere to anti-money laundering (AML) laws.

The world's largest producer of newly mined gold revealed that it had reached an agreement with the country's financial intelligence agency, the Australian Transaction Reports and Analysis Centre (AUSTRAC). The audit, conducted between November 2022 and July 2023, was initiated by AUSTRAC after a prior assessment in August 2022 revealed non-compliance by Perth Mint. The remediation program, initiated in March 2021, is set to conclude by April 30, 2025. Notably, no fines have been imposed as part of this commitment.

AUSTRAC expressed concerns over Perth Mint's AML and counter-terrorism financing program, monitoring systems, controls, and reporting in the audit findings. While the undertaking does not entail immediate fines, it can be enforced through court orders. If the remediation program is not effectively implemented, AUSTRAC retains the authority to pursue civil penalties against the mint.

This development comes against the backdrop of a review initiated by the Western Australia state in April regarding its ownership of The Perth Mint. The company had been grappling with allegations of selling diluted gold to China, further complicating its standing in the industry. The commitment to rectify AML compliance issues is seen as a crucial step for Perth Mint to restore confidence and ensure the integrity of its operations in the global gold market.

By fLEXI tEAM