The body announced last February it would be examining the firm and three operating subsidiaries, Bell Potter Securities, Bell Potter Capital and Third Party Platform, for its compliance with Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the AML/CTF Act).
The financial intelligence agency said it had identified compliance concerns following a period of engagement with Bell, which deals in stockbroking, foreign exchange, loans, investment and financial advisory services.
The auditor was tasked with examining the three entities’ compliance with having a AML/CTF program in place, engaging in an ongoing customer due diligence program, reporting suspicious matters, and maintaining enrolment details within required time frames.
Today, AUSTRAC said, after considering the reports, it will “not be taking any further regulatory action”.
It reiterated the importance for Bell to meet its compliance obligations and will work with the firm to ensure its ongoing compliance. It will also monitor the remediation and uplift undertaken by the entities in response to the findings and recommendations.
In a statement to the ASX, Bell Financial Group chairman, Alastair Provan, said: “This is a pleasing outcome and provides certainty to our shareholders and clients.
“We have benefitted from the independent audit process which has enabled us to enhance our existing AML/CTF compliance program. We look forward to continuing to grow our business.”
