Source: Australian Department of Communications
AUSTRAC has ordered the appointment of an external auditor to Western Union Financial Services Australia (Western Union) after raising concerns about the money remitter’s compliance with the AML/CTF Act.
Among the concerns were core anti-money laundering issues such as poor customer due diligence, delayed or non-reporting of suspicious matters, non-compliant international funds transfer instruction reporting and concerns about whether Western Union’s AML/CTF program is functional.