State Street hit with AUSTRAC fine, infringement notice

State Street hit with AUSTRAC fine, infringement notice


AUSTRAC is yet to finalise an investigation into another US company, PayPal, which also self-reported “issues” with its provision of international funds transfer instructions and was ordered by AUSTRAC to appoint an investigative accountant to review its procedures. That report was due to be provided to AUSTRAC a fortnight ago.AUSTRAC CEO Nicole Rose said law enforcement agencies rely on IFTI reports to track criminals, so it’s critical these transactions are reported accurately and on time. Reporting entities must provide AUSTRAC with the transfer instructions within 10 days. Regulated… #State #Street #hit #AUSTRAC #fine #infringement #notice