Bell Financial Group Ltd (ASX:BFG) is providing an update in relation to its compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act). The Group’s subsidiaries, Bell Potter Securities Ltd, Bell Potter Capital Ltd and Third Party Platform Pty Ltd have received notices from AUSTRAC requiring the appointment of an external auditor to assess compliance with their obligations under the AML/CTF Act.
A final version of the audit report is required to be provided to AUSTRAC within 180 days of the external auditor’s appointment. Copies of the notices are attached.
Financial crime regulator AUSTRAC has taken enforcement action against Bell Financial Group, extending its fight against money laundering beyond the big banks and into the stockbroking industry.