AUSTRAC orders AML/CTF audit of Mercedes-Benz Financial Services amid major compliance failures, revealing extensive under-reporting and weak transaction monitoring in non-bank lending sector

This action highlights increasing concerns over potential weaknesses in the automotive finance sector’s AML and counter-terrorism financing controls. The audit will conduct a comprehensive evaluation of Mercedes-Benz Financial Services’ compliance framework to uncover any deficiencies or vulnerabilities that could be exploited for illicit financial activities…