SYDNEY, Australia.—The Australian arm of a global bank is the latest financial institution to be fined for breaching anti-money laundering laws.
Boston-based State Street has been hit with a $1.24-million infringement notice by the Australian Transaction Reports and Analysis Centre (AUSTRAC) for failing to declare international transfer instructions that potentially left it exposed to organized crime, terrorism, slavery, drug trafficking and tax evasion being committed via its facilities.
State Street was fined $12,000 for each of the 99 breaches, which the bank self-reported to AUSTRAC, ABC News said.
AUSTRAC deputy chief executive Peter Soros told ABC News financial institutions need to report foreign transactions accurately and on time to counter serious organized crime.
"State Street has worked with us on this matter but it's really important that all businesses regulated by AUSTRAC take this seriously," Soros said.