Barclays Bank PLC has accepted an enforceable undertaking from an Australian regulator in relation to breached anti-money laundering and counter-terrorism laws.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) said the enforceable undertaking followed an on-site assessment of Barclays’ compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws.
AUSTRAC’s investigation into Barclays revealed a “number of deficiencies and breaches, including reporting breaches” of the AML/CTF laws. Under the enforceable undertaking the bank must now review transactions for seven years and provide AUSTRAC with any outstanding reports.
The law requires banks to submit suspicious matter reports, as well as other transaction reports, to AUSTRAC. Barclays has been directed to put in place systems and controls to comply with its AML/CTF obligations in the future. The bank must also submit a report to AUSTRAC this year from an independent expert to detail how the bank is complying with the laws, as well as in 2010 and 2011.
AUSTRAC also imposed an enforceable undertaking on Taiwan’s Mega International Commercial Bank, which AUSTRAC found had breached Australia’s AML/CTF laws between 2003 and 2009.
