The Perth Mint has escaped a fine over anti-money laundering “compliance issues”. 

The Perth Mint, owned by the taxpayer company Gold Corporation, has avoided being charged following an investigation by Australia's financial crime agency, AUSTRAC.

The probe was focused on the Mint's customer monitoring systems and reporting practices.

Media investigations earlier this year revealed concerns when a former bikie purchased $27,000 worth of gold with minimal identification checks. 

The Mint, legally obligated to scrutinise high-risk transactions, allegedly failed to perform due diligence.

The Mint acknowledged its unawareness of certain anti-money laundering laws until 2021 and failure to report international money movements. 

These issues potentially carried massive fines.

AUSTRAC opted for a voluntary undertaking from the Mint, emphasising the commitment to address concerns and improve systems under “enhanced oversight”. 

The Mint, processing $23 billion in transactions last year, faces a “remediation program” overseen by an independent expert. 

Board chair Sam Walsh has affirmed the organisation's dedication to legal obligations, highlighting ongoing efforts to strengthen compliance structures and contact 70,000 customers for updated information.

New CEO Paul Graham, in the position since Monday, has acknowledged past shortcomings, emphasising corrective actions and staff training. If the Mint fails to comply, AUSTRAC may pursue court orders or civil penalty proceedings.

Minister Bill Johnston asserted that ongoing remediation aligns with AUSTRAC's expectations and dispelled claims of money laundering. 

He welcomed AUSTRAC's involvement, suggesting earlier engagement might have prevented issues.

A Senate inquiry initiated by Liberal Senator Dean Smith is set to release its report in March 2023. 

Opposition Leader Shane Love urged transparency from the government, emphasising the need for accountability at the Mint.

While the Mint avoided a fine, Senator Smith characterised the undertaking as “far from a clean bill of health”, noting AUSTRAC's ongoing concerns about compliance. 

WA Opposition Leader Shane Love urged the government to provide a “full account” of recent Mint issues and criticised the lack of transparency. 

Johnston defended transparency efforts, stating all available information had been made public.