The Perth Mint has entered into an agreement with Australian authorities to improve its compliance with anti-money laundering and counter-terrorism financing laws, according to Bloomberg.

Australian financial crimes regulator Austrac has accepted an enforceable undertaking from the refinery that will require it to commit sufficient resources to complete a remediation program by April 2025, it said in a statement. The arrangements didn’t include a fine, but failure to complete the program will risk further enforcement action.

The agreement comes after Austrac ordered an independent external audit of Gold Corporation, trading as Perth Mint, in August 2022. The findings reflected the regulator’s concerns with the company’s monitoring systems and controls, it said.

The Perth Mint came under intense public scrutiny earlier this year, after local media reports that alleged dealings with criminals, and the sale of gold bars to the Shanghai Gold Exchange that weren’t of sufficient purity. The Perth Mint rejected the allegations of impurity.

The refiner, which is owned by the Western Australia state government, said in a statement that it welcomed the outcome. “We’re working hard to meet the expectations and maintain the trust of the WA community, the gold mining sector, our business partners and customers,” it said.