Online and hospitality bet-maker Entain P/L is shaking things up, as it’s pursued in the Federal Court by Australia’s financial watchdog AUSTRAC. After two years investigating, AUSTRAC (the Australian Transaction Reports and Analysis Centre) commenced civil penalty proceedings in December alleging serious and systemic non-compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws. […]
Under new leadership, financial crimes watchdog AUSTRAC has renewed its money laundering focus on gaming venues, noting the “billions” it believes is fed into machines by criminals. Responsible for preventing, detecting and responding to criminal abuse of the financial system, AUSTRAC has worked with the gambling sector, notably pubs and clubs, for years, to help
AUSTRAC has furthered its initiatives to help pub operators stay aware of AML and CTF issues, releasing a cache of new information and video resources. All pubs and clubs operating EGMs are required to provide AML/CTF risk awareness training to staff, to help minimise the chance of the business being used to support criminal activity.
AUSTRAC has agreed to extend the deadline for AML and CTF compliance reporting until 30 June. Following lobbying from hospitality compliance entity Leigh Barrett & Associates, the Australian Transaction Reports & Analysis Centre (AUSTRAC) has recognised many gaming venues are struggling with existential issues and have not been able to or were unlikely to comply
An expose by the ABC cites an industry whistleblower’s revelations about AML practices in gaming venues, and accusation by MP Andrew Wilkie that over 90 per cent are not compliant. The ABC and 4Corners report centres on a former employee of ClubsNSW, Troy Stolz, who worked as an AML (Anti-Money Laundering) and CTF (Counter-Terrorism Finance)
ACCUSATIONS MONEY LAUNDERING RIFE IN PUBS AND CLUBS Read More »
Financial intelligence agency AUSTRAC has produced new products for pubs and clubs with gaming, highlighting the risks of money laundering and financial crimes. The agency’s powers and approach have been strengthened since the Hayne royal commission, and it has recorded a massive 95 per cent increase in Suspicious Matter Reports (SMR) being filed in 2018/19
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
Recent activity by AUSTRAC (Australia’s financial intelligence agency, governing anti-money laundering and counter-terrorism financing) is believed to be part of plans for increased reporting by hospitality operators, says consultant firm Risk Training Australia. Submitted by Phillippa Lloyd, Risk Training Australia AUSTRAC recently published a notice advising all pubs and clubs they do not have
AUSTRAC INCREASING FOCUS ON MONEY LAUNDERING IN HOTEL SECTOR Read More »
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