Australia’s financial intelligence regulator has lifted an Enforceable Undertaking imposed on Gold Corporation, the Western Australian Government-owned body that trades as the Perth Mint, after the company completed a remediation program addressing anti-money laundering and counter-terrorism financing breaches.
AUSTRAC accepted the undertaking in November 2023 following findings that Gold Corporation’s systems, controls and reporting were deficient, including weaknesses in its ongoing customer due diligence programme, failures to report suspicious matters, and delays in maintaining enrolment details. In May 2025, AUSTRAC received a final progress report from an external auditor confirming the company had completed remediation in line with the undertaking.
“Based on the auditor’s reports, and our engagement with Gold Corporation, AUSTRAC is satisfied Gold Corporation has met its obligations and we have formally released it from the EU,” Mr Thomas said.
“As a result of the EU, Gold Corporation has made an ongoing investment in its AML/CTF systems and controls and have made a commitment to undertake continuous review and improvement.
“Gold Corporation’s previous AML/CTF program had serious failings, including failures to accurately identify the risks posed by its customers, ineffective monitoring of customer transactions, and failures to make certain reports to AUSTRAC.
“Compliance with AML/CTF requirements should be a given, it’s what is expected and what is required of any business with obligations under the Act. It shouldn’t take AUSTRAC intervention and an EU, to get a business to focus on its money laundering risk.
“I acknowledge Gold Corporation’s cooperation and transparency during the EU process, though I would much prefer all businesses met their compliance obligations and we didn’t need to take this kind of intensive action.
“Trading in Gold still carries significant money laundering risks and we expect Gold Corporation to stay on top of its risk environment and take steps to update its program whenever required, including reporting suspicious transactions to AUSTRAC.”
“No legitimate business wants to help criminals amass wealth and keep committing crimes and that is why every business we regulate should be serious about protecting the financial system.”
Bullion dealers were flagged for increased regulatory attention in AUSTRAC’s 2024 regulatory priorities, citing the sector’s rapid growth, intelligence concerns and money laundering risks. AUSTRAC’s national risk assessment also identified bullion as highly vulnerable to criminal abuse given its universal acceptance and the ease with which it can be bought, sold, transported, stored and concealed.
“AUSTRAC is particularly concerned about businesses that allow customers to buy or sell high risk products – such as bullion – using cash or cryptocurrency.
“We expect all businesses ensure they are taking appropriate steps to mitigate the money laundering risks they face, and have appropriate systems and controls in place to prevent criminal exploitation.” Mr Thomas said.
