What is an AML/CTF Program? An AML/CTF Program specifies how you meet AUSTRAC compliance with AML/CTF legislation. It is a written document outlining the processes and procedures you have in place to identify, mitigate and manage the risk of your products or services being used for money laundering or terrorism financing. Your Program needs to …
AUSTRAC recently published a notice advising all pubs and clubs they do not have to complete the AUSTRAC online return for their venue this year. This publication shows that AUSTRAC are turning their attention to pubs and clubs, and moving away from the current approach. In our opinion, this means they will have a more …
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 …
Over the past decade, the term AML/CTF (Anit-Money Laundering / Counter-terrorism Financing) has become more and more widely used within those providing gambling services. Initially, AUSTRAC concentrated on large institutions involved in transferring money. Today it is expected that all businesses comply with all aspects of the ACT as it pertains to their business. This …
Did you know? All unclaimed gaming machine prizes expire after 12 months and cannot be paid out after this date. Additionally, expired tickets need to be paid to the community development fund within three months of expiry. Any unclaimed gaming machine prize tickets that remains unclaimed at the end of this expiry period needs to …
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Do Digital Drivers Licences affect my KYC? In short, no. AUSTRAC compliance rules remain unchanged for Digital Drivers Licences. As such, recording customer identification remains the same. This means the rules that apply to all cheque and cash payouts over $5,000 as previously registered, i.e. ensure the identification belongs to the player and is in …
AUSTRAC Compliance Reporting period is approaching, and it’s time to start thinking about conducting an independent annual review. Who needs to report? Compliance Reporting is required for: Venues that are licensed for 16 or more electronic gaming machines, who do not provide any other designated services. Member of a designated business group (DBG) What is …
