SectorWire
SearchRegister
MenuClose

AUSTRAC orders Bankstown club to undergo AML compliance audit

Regulation

AUSTRAC ordered Bankstown District Sports Club in Sydney to appoint an independent auditor to assess its compliance with anti-money-laundering and counter-terrorism-financing obligations. The club must pay for the audit, which will examine its risk-based programme, customer risk assessments and systems for monitoring suspicious activity.

The audit requires the club to undergo regulator-defined scrutiny of controls covering money laundering and terrorism-financing risks.

Request a correction

Flag an issue

Keep reading

Regulation

Minas Gerais audit court suspends R$32m in planned football club sponsorships

The Minas Gerais State Court of Accounts suspended planned 2027 sponsorship contracts worth R$32 million between state-owned companies and Cruzeiro, Atlético-MG and América-MG. The interim decision bars new agreements and stops payments if contracts have already been signed; it followed a representation by governor-elect Cleitinho Azevedo and cited missing evidence of returns and objective criteria.

The Minas Gerais State Court of Accounts (TCEMG) has suspended, in an interim decision, R$32m of sports sponsorship contracts planned for 2027 between state-owned companies and the clubs Cruzeiro, Atlético-MG and América-MG.

Continue reading