Regulatory Alerts2026-05-27
Added · Updated
Federal Court imposes penalties after businesses fail to pay AUSTRAC infringement notices
AUSTRAC issued infringement notices to Castra Licensee Pty Ltd and Princeton Securities (NSW) Pty Ltd for alleged breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, mandating timely payment to resolve compliance matters. When both entities failed to remit the $18,780 notices, AUSTRAC commenced civil proceedings, prompting the Federal Court to levy $50,000 and $45,000 penalties respectively, along with associated legal costs. This outcome reinforces that regulated businesses must strictly comply with statutory infringement notice deadlines to prevent escalated litigation and substantially increased financial liabilities.
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