The Australian Transaction Reports and Analysis Centre (AUSTRAC) has issued sixteen businesses with infringement notices for failing to meet their reporting obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

The infringement notices were issued because the businesses failed to submit their 2023 annual compliance reports.

While the majority of the 17,000 businesses AUSTRAC regulates submitted their compliance reports, AUSTRAC CEO Brendan Thomas says ensuring businesses are compliant, and using enforcement measures to secure this, is essential if AUSTRAC is to continue safeguarding Australian communities from serious crime.

The infringement notices ranged from $3,765 for sole traders to $18,780 for companies. 11 businesses have paid their infringement notices to resolve AUSTRAC’s concerns. The other five businesses remain under AUSTRAC investigation.

AUSTRAC regularly communicates to businesses about their reporting requirements, with regular reminders until the 2023 lodgement period ended on 31 March 2024. The notices were issued to businesses across a wide range of industry sectors including precious metal traders, bookmakers, pubs and clubs, non-bank lenders and financiers, alternative remittance dealers, trustees of managed investments schemes and stock brokers.

This action follows AUSTRAC issuing eight infringement notices in April this year regarding failure to lodge the 2022 compliance report.

The list of the businesses issued with infringement notices in 2024 can be seen below.