The Australian Transaction Reports and Analysis Centre (AUSTRAC) has launched civil penalty proceedings in the Federal Court against Castra Licensee Pty Ltd and Princeton Securities (NSW) Pty Ltd for failing to meet their reporting obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

AUSTRAC alleges that neither business submitted an annual compliance report for the 2023 calendar year.

In September 2024 AUSTRAC issued infringement notices to 16 businesses, including Castra and Princeton, for these failures. Payment of the infringement notice would have finalised the matter for both businesses. However, neither business paid their infringement notice, leading to AUSTRAC’s decision to commence court action.

AUSTRAC Acting CEO Katie Miller said AUSTRAC uses the information in compliance reports to better understand the risks that businesses, and Australia’s broader financial system, are facing.

“AML/CTF obligations are not optional. This action should serve as a warning to other businesses who think they can avoid complying with their obligations – submit your annual compliance report on time or face the consequences.”