How much do you know about the enhanced customer due diligence (ECDD) program? Read on to learn more about this important risk-based approach and how to identify high-risk customers. A recent investigation discovered billions of dollars of money laundering through pubs and clubs in New South Wales. Investigators also found that many club boards, hoteliers, …
Read our AML/CTF compliance guide to learn what you need to do to keep your venue and its customers safe. The United Nations estimates that $800 billion-$2 trillion are laundered every year, making up 2-5% of the global GDP or gross domestic product. This money funds a range of criminal activity, including everything from small robberies …
The AUSTRAC Compliance Reporting period is approaching and it’s time to start thinking about conducting an independent review and completing your compliance report. Who needs to report? Independent Review An independent review assesses Part A of your AML/CTF program. It checks that you’re complying with your program and the program is still suitable for your …
All businesses offering a designated service must have an AML/CTF program to meet their compliance. Most importantly, all Hotels and Clubs with more than 15 gaming machines must have an appropriate program. Additionally, the program must be tailored to the individual business. Following the implementation of the program, the compliance officer (generally the General Manager …
ANTI-MONEY LAUNDERING PROGRAM KNOW YOUR CUSTOMER (KYC) REQUIRMENTS The Know Your Customer (KYC) rule essentially states that the Pub or Club must use reasonable effort to ensure that as much as possible is known about patrons using their gaming facilities. Gaming staff is expected to be diligent and report unusual customers and/or behavior to the …
THE THREE STAGES OF MONEY LAUNDERING The Anti-Money Laundering process can be broken into 3 distinct phases. 1. Placement Placement is moving, dispersing, or disguising illegal funds to hide their true identity. In the event of cash being obtained from an illegal source and input into a gaming machine, the money has been layered. 2. …
AML/CTF Requirements for Pubs and Clubs • All Pubs and Clubs must have an AML/CTF Program tailored specifically for their business. • Report customers who have a high number of gaming payouts. Special consideration should be given to those customers receiving winnings by cheque over a specific period. Monitoring customer winning should be part of …
ANTIMONEY LAUNDERING PROGRAM TRANSACTION MONITORING All Hotels and Clubs offering gambling services must have an Anti-Money Laundering Counter-Terrorism Program (AML/CTF) in place. A separate program is required for each gambling type. For example, separate programs are needed for TAB and Gaming Machines. A major component of the AML/CTF Program is a Transaction Monitoring Program (TMP). …
WHAT IS AN ANTI-MONEY LAUNDERING PROGRAM For a Pub or Club to comply with Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations, the venue must have an AML/CTF Compliance Program. An AML Program has a set of regulations and procedures that businesses offering a designated service must follow. For Pubs and Club’s the designated services will …
AUSTRAC are constructively working with Pubs and Clubs to assist manage Money Laundering and Terrorism Financing (ML/TF) risks during this disruptive period of COVID-19. This includes considering circumstances for Pubs and Clubs when applying the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws. SMR reporting for Pubs and Clubs during COVID-19 AUSTRAC are still encouraging …
