New regulations require licensed gaming venues to amend their Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) reporting or risk severe penalties.

AUSTRAC requirements have been in place for pubs and clubs holding more than 15 gaming machines for some time, but in the last 12 months AUSTRAC has become more attentive to this sector, and has mandated specific requirements for hospitality.

Have you updated your AML/CTF Program?

AUSTRAC has developed new guidelines that pubs and clubs must implement into their AML/CTF program, effective 3 April 2018.

AUSTRAC requires amendments to both Part A and Part B of a formalised AML/CTF program, with an increased focus on detail of information recorded. This information can be found here.

Fines for non-compliance are up to $11 million for companies, or $2.2 million for an individual.

AUSTRAC has already audited a number of pubs and clubs with respect to the compliance of gaming machines with the AML/CTF Act.

Is your business compliant?


Article supplied by RCA Group.

RCA Group offer risk management training, and consult on compliance issues for licensed venues.

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