AUSTRAC completes Bell Financial audit
AUSTRAC has concluded its external audit of Bell Financial Group after more than a year and has released its verdict.
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.”
AUTHOR
Laura Dew
Recommended for you
The $673 billion global investment manager has appointed a former Zenith sales head as it seeks to expand its reach in the Australian wealth management market.
Fund managers may be operating in a squeezed environment, but a salary guide shows they are willing to pay up for specialist talent to diversify their fund range.
Reach Alternative Investments has entered into a strategic partnership with Russell Investments to bolster its wholesale private markets offering for financial advisers and investors.
Boutique investment consulting and research house Genium Investment Partners has announced a senior appointment to drive further growth in its research ratings business.
