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 »
Federal agency AUSTRAC has been focusing on compliance issues in gaming venues across Australia, potentially bringing significant problems for pubs not exercising best-practises. Any pub in Australia that operate or holds entitlements to over 15 Electronic Gaming Machines (EGMs) must have an Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) program specific to the venue. …
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 …
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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