AUSTRAC has closed Gold Corporation's Enforceable Undertaking (EU), which was put in place after a series of AUSTRAC and third party reviews identified non-compliance with the AML/CTF Act.
The EU was accepted in November 2023 after AUSTRAC found failings in Gold Corporation's (trading as Perth Mint) systems, controls and reporting, including the requirement to have an ongoing customer due diligence program, report suspicious matters, and maintain of enrolment details within required timeframes.
In May 2025, AUSTRAC received the final progress report from the external auditor which specified how the company had successfully completed its remediation in compliance with the EU.
AUSTRAC CEO Brendan Thomas said Gold Corporation had strengthened its ability to identify, mitigate and manage the risk of criminal infiltration.
"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 one of the key industries flagged for increased regulatory activity in AUSTRAC's 2024 Regulatory Priorities, due to the sector's rapid growth, intelligence concerns and money laundering risks.
These money laundering risks were also called out in AUSTRAC's National Risk Assessment, which found bullion presented a high money laundering vulnerability. Bullion is attractive to criminals for its universal acceptance and the ease with which bullion 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.
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