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. …
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 …
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 …
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 …
