AUSTRAC finalises audit of Bell Financial entities

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has decided not to undertake further regulatory action and finalised external audit of the Bell Financial Group.

In February, AUSTRAC appointed external auditor to three entities within Bell Financial Group, which included Bell Potter Securities Limited, Bell Potter Capital Limited and Third Party Platform Pty Ltd, to examine their compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the AML/CTF Act).

Following the finalisation of an audit, AUSTRAC has reiterated the importance for Bell to meet its compliance obligations in the future, and said it would continue to work with Bell to “ensure ongoing compliance, and to monitor the remediation and uplift undertaken by the entities in response to the external auditor findings and recommendations”.

“This is a pleasing outcome and provides certainty to our shareholders and clients,” Bell Financial Group’s executive chairman, Alastair Provan, said in the statement to the Australian securities Exchange (ASX).

“We have benefited from the independent audit process which has enabled us to enhance our existing AML/CTF compliance program. We look forward to continuing to grow our business.”