Regulatory Alerts2026-04-02
Added · Updated
AUSTRAC directs audit of payment platform over AML/CTF concerns
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has directed MHITS Limited to appoint an external auditor to conduct a mandatory compliance audit under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. Triggered by suspected contraventions of sections 36 and 81 during the period from January 2024 to March 2026, the audit must comprehensively evaluate the entity’s transaction monitoring, suspicious matter reporting, enhanced customer due diligence, and governance frameworks within 180 days of auditor engagement. The appointed auditor must utilize risk-based sampling methodologies, assess the proactivity of compliance controls, and submit a detailed report containing findings and remedial recommendations directly to AUSTRAC.