US-based financial services giant State Street has been slapped with an infringement notice and $1.24 million fine by AUSTRAC after failing to properly report money being sent into Australia on 99 occasions.
State Street, a custodian and administrator for asset managers, said an independent consultant has developed "a remediation plan to address the issue" after it self-reported the problem.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
