The Australian Transaction Reports and Analysis Centre (AUSTRAC) has commenced civil penalty proceedings in the Federal Court against Castra Licensee Pty Ltd and Princeton Securities (NSW) Pty Ltd, alleging they failed to meet reporting obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 by not submitting an annual compliance report for the 2023 calendar year. In September 2024 AUSTRAC issued infringement notices to 16 businesses, including Castra and Princeton, for the same alleged failures, and said payment would have finalised the matter. Neither business paid the infringement notice, leading AUSTRAC to pursue court action. AUSTRAC said annual compliance reports are a core AML/CTF obligation and are used to supervise regulated businesses and identify areas of heightened money laundering and terrorism financing vulnerability.
Australian Transaction Reports and Analysis Centre (AUSTRAC) 2025-12-11
Australian Transaction Reports and Analysis Centre launches Federal Court civil penalty proceedings over missed 2023 annual compliance reports
AUSTRAC has initiated civil penalty proceedings against Castra Licensee Pty Ltd and Princeton Securities (NSW) Pty Ltd for failing to submit a 2023 compliance report, as required under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. Despite receiving infringement notices in September 2024, neither company paid, prompting legal action. AUSTRAC stresses these reports are crucial for supervising entities and identifying money laundering and terrorism financing vulnerabilities.