State Street acknowledges AUSTRAC infringement
Global financial services house, State Street, has acknowledged that it has run into trouble with AUSTRAC over problems with its international funds transfer instructions (IFTIs) regime.
The company announced today that it is working closely with AUSTRAC to address weaknesses in its reporting of IFTIs.
The company acknowledged it had received an AUSTRAC infringement notice.
A spokesperson for State Street said: “This infringement notice relates to a failure to report certain incoming international funds transfer instructions, as required by AUSTRAC of financial institutions operating in Australia. We have been working with the regulator on this issue, having identified and self-reported the deficiencies in our IFTI reporting process.
“We have reviewed our IFTI reporting systems and controls and have worked with an independent consultant to develop a remediation plan to address the issue.”
The company said there was no business or financial impact to any of its clients.
The spokesperson said the integrity of the transactions is not in question: “We take our obligations under Anti-Money Laundering and Counter-Terrorism Financing legislation extremely seriously. There is no suggestion that the transactions in question were suspicious nor that there were deficiencies in State Street’s customer due diligence.”
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