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Mercedes Benz Financial Services Australia targeted by regulator over AML concerns

( May 22, 2025, 01:09 GMT | Official Statement) -- MLex Summary: Mercedes Benz Financial Services Australia will have to open its books to an external auditor appointed by Australia’s financial-crime watchdog over concerns about the financier’s compliance with anti-money laundering laws. In a statement published today, the Australian Transaction Reports and Analysis Centre said that it had raised serious concerns with the company, including Mercedes’ assumption that most customers were low risk. The regulator was also concerned about a lack of systems to identify and escalate serious matters and inadequate transaction monitoring. Austrac CEO Brendan Thomas said that the sector was “vulnerable to money launderers and organized criminals” and warned that Australian needed to “get better at shutting down avenues for criminals to profit from crime.”The full statement from Austrac follows: ...

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