AUSTRAC Concludes The Perth Mint’s Enforceable Undertaking

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has formally concluded the Enforceable Undertaking (EU) that The Perth Mint entered into in November 2023, marking the successful completion of our comprehensive Anti-Money Laundering (AML) remediation program. 

A successful outcome 

This milestone confirms that The Perth Mint has successfully delivered all requirements under the EU, which was established to uplift our AML compliance capabilities. 

Our AML journey began in 2021 and has delivered substantial improvements across three key areas: 

Enhanced customer processes 

We established a dedicated Customer Operations Team that manages due diligence for all customers accessing our designated services. This ensures consistent, streamlined processes across our refinery, bullion trading room, and online channels. 

Comprehensive data remediation 

Our teams successfully updated almost 70,000 customer accounts, aligning historical data with our improved processes and procedures. 

Advanced technology solutions  

We implemented innovative compliance technology solutions that enhance our customer lifecycle management and transaction monitoring capabilities.  

Commitment to excellence 

The Perth Mint acknowledges that there were shortcomings in our past AML compliance practices. The comprehensive remediation program we have completed demonstrates our unwavering commitment to regulatory excellence and responsible business practices. 

Throughout this process our program was subject to regular independent external audits, with findings shared with AUSTRAC to demonstrate our progress and commitment to meeting all obligations. 

Looking forward 

We are proud of the work we have done to enhance our compliance framework and remain committed to maintaining the highest standards as we continue our important role in Western Australia's gold sector.  

We look forward to continuing to deliver for the Western Australian community, the gold mining sector and our valued business partners and customers. 

The Perth Mint extends its sincere appreciation to all stakeholders who maintained their confidence and support throughout this process. 

About the Enforceable Undertaking

The EU was a regulatory agreement that required The Perth Mint to complete specific remediation activities by 30 April 2025. All requirements were delivered on schedule, with AUSTRAC having now concluded the undertaking