Mr Craig Robert Dale, 52, of Karrinyup, Western Australia has been charged with one count of dishonestly using his position as a director of Stellar Corporate Solutions Pty Ltd (ACN 154 563 443, deregistered) (Stellar) and seven counts of conducting transactions so as to avoid reporting requirements under the Anti-Money Laundering and Counter-Terrorism Financing Act (AML&CTF Act).
An ASIC investigation alleges that between 30 December 2013 and 30 April 2014 Mr Dale, a former sole director of Stellar, redirected a total of $998,201.98 belonging to Stellar to his personal bank account.
ASIC also alleges that between 13 August 2013 and 3 October 2014 Mr Dale transferred money in amounts that would not meet the monetary thresholds which need to be reported to AUSTRAC as required under AML&CTF Act.
Mr Dale is due to appear in the Perth Magistrates Court on 22 May 2020.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
Conducting transactions to avoid reporting requirements under the AML&CTF Act carries a maximum penalty of five years imprisonment.
At the time of the alleged conduct, a breach of directors duties under the Corporations Act carried a maximum of five years imprisonment.