The Australian Transaction Reports and Analysis Centre (AUSTRAC) has ordered Western Union Financial Services Australia to appoint an external auditor after raising concerns about the money remitter’s compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act. AUSTRAC cited issues including poor customer due diligence, delayed or non-reporting of suspicious matters, non-compliant international funds transfer instruction reporting, and concerns about whether Western Union’s AML/CTF program is functional. AUSTRAC said Western Union had self-disclosed system issues and committed to remedial action, but the recurrence of problems has left the regulator not satisfied that the firm is meeting its obligations. The external auditor will report to AUSTRAC with information intended to support improved compliance and to inform whether further regulatory action is required, after which AUSTRAC will assess whether additional steps are appropriate.
Australian Transaction Reports and Analysis Centre (AUSTRAC) 2025-07-03
Australian Transaction Reports and Analysis Centre orders external audit of Western Union Financial Services Australia over AML and counter-terrorism financing compliance concerns
AUSTRAC has mandated Western Union Financial Services Australia to appoint an external auditor due to concerns over compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act. Issues include inadequate customer due diligence and non-compliant reporting. Despite Western Union's self-disclosure and remediation efforts, AUSTRAC remains unconvinced. The auditor will report to AUSTRAC to assess compliance improvements and determine further regulatory actions.