On 16 February 2022, AUSTRAC ordered the appointment of an external auditor to three entities; Bell Potter Securities Limited, Bell Potter Capital Limited and Third Party Platform Pty Ltd, within the Bell Financial Group (Bell), to examine Bell’s compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the AML/CTF Act).
AUSTRAC has received a copy of the final audit report for each entity as required under the AML/CTF Act. After considering the reports, AUSTRAC has decided not to undertake further regulatory action. Accordingly, the external audit process is now complete.
AUSTRAC has reiterated the importance for Bell to meet its compliance obligations in the future, and will continue to work with Bell to ensure ongoing compliance, and to monitor the remediation and uplift undertaken by the entities in response to the external auditor findings and recommendations.
All businesses that have obligations under the AML/CTF Act should take this as a reminder to ensure they comply with their AML/CTF obligations, including putting in place systems and controls that identify, mitigate and manage money laundering and terrorism financing risks.
