Austrac announced the appointment of auditors to carry out the investigation into three entities within Bell Financial: Bell Potter Securities, Bell Potter Capital and Third Party Platform.

It said it had identified compliance concerns following a period of engagement with Bell.

The auditors have 180 days to carry out their investigation and it will include compliance with an ongoing customer due diligence program and suspicious matter reporting.

Austrac chief executive Nicole Rose said the anto-money laundering and counter-terrorism regime was in place to protect businesses as well as the financial system and the community from criminal threats.

“Australian financial services businesses have a responsibility to ensure they devote the necessary resources and processes to comply with their AML/CTF obligations under the law,” Rose said.