AUSTRAC steps in on suspected AML weaknesses at NSW club

AUSTRAC ordered Bankstown District Sports Club Ltd to appoint an independent external auditor under section 162 of the AML/CTF Act to assess whether the club is complying with its AML/CTF obligations, including having an effective risk-based program, appropriate risk assessment of customers/services/delivery methods, and adequate systems to monitor customers and identify suspicious behaviour. The audit scope was set by AUSTRAC and will be conducted at the club's expense; AUSTRAC said findings will inform whether further regulatory action is required.